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Corporate Information
IDEX Biometrics ASA and its wholly-owned subsidiaries (collectively, \u201cIDEX\u201d or the \u201cCompany\u201d) specialize in
the design, development, and sale of fingerprint authentication solutions. The Company\u2019s fingerprint
authentication solutions are used primarily in contactless smart cards, including financial payment cards, access
control cards, and card-based devices for the storage of digital currencies.
IDEX Biometrics ASA, the parent company, is a public limited liability company incorporated in 1996 in
Norway. The address of the head office is Dronning Eufemias gate 16, NO-0191 Oslo, Norway. The Company\u2019s
Ordinary Shares, representing the only class of equity securities issued and outstanding, are listed on the Oslo
B\u00f8rs, the stock exchange in Oslo, Norway, under the ticker symbol IDEX.
IDEX Biometrics ASA\u2019s American Depositary Shares (\u201cADSs\u2019) representing its ordinary shares, were listed on
Nasdaq Capital Market until a voluntary delisting was effective on August 10, 2023. The delisting concerned
only the ADSs listed on Nasdaq. There was no impact on the ordinary shares listed on the Oslo Stock Exchange.
The ADS delisting had no impact on the Company\u2019s accounting standards or disclosures to the Norwegian
financial market.
IDEX is comprised of the Norwegian parent company and its subsidiaries in the United States (IDEX Biometrics
Holding Company Inc. and IDEX Biometrics America Inc. (together, \u201cIDEX America\u201d)), the United Kingdom
(IDEX Biometrics UK Ltd. (\u201cIDEX UK\u201d)), and China (IDEX Electronics (Shanghai) Co., Ltd. (\u201cIDEX China\u201d)).
The parent company is the owner of all intellectual property of IDEX and is the contractual party to all customer
and manufacturing partner agreements. All sales are generated by the parent company, and the parent company is
the supplier to the customers. The subsidiaries provide various services to the parent company, mainly associated
with engineering, supply-chain administration, and customer service functions.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2410": { "value": "IDEX Biometrics ASA and its wholly-owned subsidiaries (collectively, \u201cIDEX\u201d or the \u201cCompany\u201d) specialize in
the design, development, and sale of fingerprint authentication solutions. The Company\u2019s fingerprint
authentication solutions are used primarily in contactless smart cards, including financial payment cards, access
control cards, and card-based devices for the storage of digital currencies.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2411": { "value": "IDEX Biometrics ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2418": { "value": "IDEX Biometrics ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2419": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2421": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2422": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2423": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2424": { "value": "Dronning Eufemias gate 16, NO-0191 Oslo, Norway.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2441": { "value": "2. Basis of Preparation
IDEX Biometrics prepares its Financial Statements on a historical cost basis, and in accordance with IFRS
Accounting Standards as adopted by the EU. The financial statements are presented in U.S. Dollars (\u201cUSD\u201d or
\"$\"), and all amounts are rounded to the nearest thousand ($000), unless otherwise indicated.
The subtotals and
totals in some of the tables may not equal the sum of the amounts shown in the primary financial statements due
to rounding.
IDEX Biometrics ASA is the parent company in the IDEX group. The parent company's Financial Statements are
published separately.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2444": { "value": "IDEX Biometrics prepares its Financial Statements on a historical cost basis, and in accordance with IFRS Accounting Standards as adopted by the EU.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2455": { "value": "3.
Significant Accounting Policies
Accounting policies that are significant to the Company\u2019s results and financial position, in terms of the
materiality of the items to which the policy is applied, are discussed below.
The significant accounting policies described in these consolidated financial statements have been applied
consistently for all periods presented, except as otherwise noted in the disclosure related to the impact of policy
changes following the adoption of new accounting standards and voluntary changes in 2023.
The statements of profit and loss are presented by the nature of expense. The cash flow statements are presented
by the indirect method.
There have not been any changes to the Company's accounting policies applied in the financial statements for
2023 compared to those applied in the annual financial statements for 2022.
The Consolidated Financial Statements for 2023 were approved by the Board on April 24, 2024.
a. Going Concern
The going concern assumption has been applied in the preparation of the consolidated financial statements. The
going concern assumes the realization of assets and satisfaction of liabilities in the normal course of business.
IDEX has incurred significant operating losses and negative cash flows during the development stage of the
business.
The future viability of the Company is dependent on its ability to generate cash from operating
activities and to raise additional capital to finance its operations.
The accumulated losses, net of capital reduction
reserve amounted to $29.5 million as of December 31, 2023, and the net cash outflow in 2023 amounted to $4.8
million after obtaining new equity and a loan amounting to $22.9 million combined. Net equity amounted to
$11.3 million, and the balance sheet solvency, defined as cash plus current receivables less current liabilities,
amounted to $890 thousand on December 31, 2023. While the Company has taken measures to significantly
reduce operating expenses, it does not expect that its existing cash will enable it to fund its operating expenses
and capital expenditures requirements for the next twelve months. The Company is exploring further options to
fund its commercialization efforts. While the Company has been successful in the past in raising funds through
private placements of shares and issuance of convertible debt, there is no assurance that IDEX will be successful
in raising capital the future. The Company\u2019s failure to raise capital as and when needed would have a negative
impact on its financial condition and its ability to pursue its business strategies. These factors cast significant
doubt on the Company's ability to continue as a going concern.
As an ongoing activity, the Company monitors liquidity and the Board is prepared to take appropriate measures
if and when required. IDEX has been successful in the past with implementing cost reductions and raising capital
through private placements of equity. Acknowledging the significant doubt identified above, the Board has on
balance concluded that the conditions for the going concern assumption are met.
b. Consolidation
The Company\u2019s Consolidated Financial Statements are comprised of the financial statements of IDEX
Biometrics ASA and its wholly-owned subsidiaries, with all intercompany transactions, balances, revenue,
expenses, and unrealized internal profit or losses eliminated upon consolidation.
c. Equity
Equity is comprised of the following:
\u2022
Share Capital: comprised of the nominal amount of the parent\u2019s ordinary shares. This capital is not
distributable in the form of dividends under the Norwegian Public Limited Liability Companies Act
(the \u201cPLLC Act\u201d) (refer to Note 15 \u2013 Share Capital and Share Premium).
\u2022
Share Premium: comprised of: (1) the amount received attributable to Share Capital, in excess of the
nominal amount of shares issued by the parent company, reduced by; (2) issuance costs directly
attributable to the capital increase and; (3) transfers into the Capital Reduction Reserve, (refer to
Note 22 \u2013 Share Capital and Share Premium).
\u2022
Share Based Payment Reserve: comprised of Share-based payment reserve.
\u2022
Foreign Currency Translation Effects: comprised of Currency Translation Difference.
\u2022
Capital Reduction Reserve: comprised of the absorption of accumulated losses of the Company by
the Share Premium, as resolved by the Board of Directors (refer to Note 15 \u2013 Share Capital and
Share Premium).
\u2022
Accumulated Loss: is comprised of cumulative historical losses of the Company.
d. Cost of materials, net of inventory change
Cost of materials, net of inventory change, consists of the costs of raw materials, components, contract
manufacturing, and transportation associated with production and storage of products for sale to customers, net
of inventory change.
e. Foreign currencies
The Company\u2019s Financial Statements are presented in USD. The functional currency of the parent company is
USD, while the functional currency for each foreign subsidiary is its local currency. Transactions involving the
translation to the respective functional currencies of values denominated in foreign currencies are classified as
monetary or non-monetary, thereby defining the measurement and recognition of foreign currency translation
gains and losses applicable to a transaction.
Monetary assets and liabilities generally have values fixed by explicit or implicit contract. Examples include
bank deposits, debt, accounts receivable, and accounts payable. Monetary assets and liabilities subject to foreign
currency adjustments are measured on the initial transaction date using the exchange rates in effect at that date.
At each subsequent reporting date and through the date of settlement (i.e., payment) or derecognition, such
monetary assets and liabilities are remeasured using the then-current exchange rate, and any foreign currency
translation gains or losses are recorded by the entity within Financial income or Financial cost.
Non-monetary assets and liabilities generally are those assets and liabilities for which the recorded values are not
subject to contractual or other formal definitions (i.e., those assets and liabilities that are not classified as
monetary assets or liabilities). Non-monetary assets and liabilities are not subject to foreign currency adjustments
at the entity level.
Assets and liabilities in entities with another functional currency than the USD, including goodwill and fair value
adjustments, if any, are translated into USD using the exchange rates in effect at the reporting date of the
Consolidated Statements of Financial Position. Amounts reported on the Consolidated Statements of Profit and
Loss are translated to USD using the average exchange rates in effect for the reporting period. Significant, large
transactions may be translated using the rate at the transaction date.
Foreign exchange differences arising on translation from functional currency to presentation currency are
reported in Other comprehensive income (\u201cOCI\u201d). Translation gains or losses previously recognized in OCI are
reversed and recognized in the Consolidated Statements of Profit and Loss if and when the entity is disposed.
f. Research and development expenses
Expenses in this category consist primarily of the costs of services and materials used in engineering activities
and certain outsourced development activities. Payroll costs related to research and development employees are
classified as Compensation and benefit expenses, not as research and development expenses, on the Consolidated
Statement of Profit and Loss. However, the compensation paid to individual contractors serving in engineering
roles is included in Research and development expenses.
Research costs are expensed as incurred. Development expenses that do not meet the criteria of capitalization are
expensed as incurred. Development expenses are capitalized when (i) the technical feasibility of completing
development has been demonstrated, (ii) the costs of development can be measured reliably, (iii) it is probable
that IDEX will realize future economic benefits from the asset, and (iv) IDEX has committed to complete the
development. Once the development is complete and the resulting asset is available for use, the capitalized
development cost (i.e., the asset value) is amortized over its expected useful life.
The Company applies for and has received government grants associated with certain research and development
projects. The recognized value of government grants applicable to research and development activities are
credited against research and development costs. Generally, the applications or claims for such grants are
submitted after completion of the qualifying activities. When it is realistic that the application or claim will be
successful and the amount can be determined reliably, the Company credit the value of the grant against research
and development expenses for that reporting period. Due to the timing difference between the completion of the
qualifying activities, the approval of our grant application or claim, and the receipt of the funds associated with
the grant, we may record, pending receipt of funds, the value of the grant as an Account receivable, other.
g. Convertible debt
The terms of the convertible debt agreements are evaluated to determine whether the instruments contain both
liability and equity components, in which case the instrument is a compound instrument. Convertible debt
agreements are evaluated to determine whether they contain embedded derivatives, in which case the instrument
is a hybrid financial instrument. Based on evaluation of the terms in our convertible debt agreements, the
Company determined that the conversion option was an embedded derivative and, therefore, the convertible debt
was accounted for as a hybrid financial instrument. The Company has elected to assign transaction costs entirely
to the financial liability host (principal).
Estimation methods are used to determine the fair value of embedded derivatives included in hybrid financial
instruments. The determination of the effective interest used for the host contracts of hybrid financial instruments
and the liability components of compound financial instruments is dependent on the outcome of such
estimations. Evaluating the reasonableness of these estimations and the assumptions and inputs used in the
valuation methods requires a significant amount of judgment and is therefore subject to an inherent risk of error.
h. Finance income and finance cost
Finance income and finance cost consists of interest income, interest expense, valuation change of the embedded
derivative, and net foreign exchange losses (gains) arising from settlement of obligations denominated in foreign
currencies during the period and foreign currency translation adjustments recognized at period end.
i. Accounting estimates, based on the use of judgment and assumptions
The application of certain accounting standards requires management to make accounting judgments, estimates
and assumptions affecting reported amounts of assets, liabilities, income and expenses.
The main areas where the Company has made significant judgments when applying the accounting policies and
that have the most material effect on the amounts recognized in the financial statements have been described in
the following notes:
\u2022
Revenue Recognition
\u2022
Leases
Estimates used in the preparation of these financial statements are prepared based on bespoke models, while the
assumptions on which the estimates are based rely on historical experience and other factors that management
assesses to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates
and underlying assumptions are reviewed on an ongoing basis.
The most important matters in understanding the key sources of estimation uncertainty are described in each of
the following notes:
\u2022
Intangible
assets
\u2022
Inventory
\u2022
Accounts receivable, trade
\u2022
Share-based compensation
\u2022
Embedded derivative in convertible debt
Intangible assets
IDEX\u2019s patents and other intellectual property rights created by the Company are capitalized only when they
satisfy the criteria for capitalization. No development costs have been capitalized in 2023, 2022, or 2021.
Acquired intangible assets are capitalized initially at fair value, normally the purchase price. Intangible assets are
amortized over their useful economic lives. An assessment of impairment losses on non-current assets is made
when there is an indication of a decrease in value. An intangible asset\u2019s carrying amount is compared to the
asset\u2019s recoverable amount. The recoverable amount is the higher of the fair value (less costs to sell to an
independent third party) or the calculated value based on the discounted estimated cash flow from continued use.
The estimate is based on judgments of when and whether there will be an economic benefit from the asset, and
assumptions about the amounts. As of December 31, 2023, the Company determined that there were no
indicators of impairment, and no impairment was recorded.
Inventory
Inventories consist of raw materials, work in process, and finished goods. Inventory is recorded at the lower of
cost and net realizable value. Impairment is assessed quarterly, based on management\u2019s judgment of when and
whether the inventory may be sold, and assumptions about the sales price and selling costs. The estimate is
uncertain, because timing of sales are subject to many risks. Selling prices are uncertain in the market for IDEX\u2019s
products. Reselling components or other commodity raw materials at any value may not be easily achieved, and
elements of work in progress and finished goods, if impaired (i.e., considered excess or obsolete inventory),
generally have no resale value and are held for disposal.
Accounts receivable, trade
Trade accounts receivable consist of invoiced amounts owed by customers, net of minor prepayments received
and allowances for doubtful accounts. Regarding allowances for doubtful accounts, see section
Credit and
Liquidity Risk
below.
Share-based compensation
IDEX estimates the fair value of incentive subscription rights (\u201cSRs\u201d) at the grant date by using the
Black-Scholes option pricing model, and record share-based remuneration cost over the vesting period of the
SRs. The valuation is based on share price and exercise price, share price volatility, interest rates, and the
expected term of the SRs, based on historical data. The parameters may in the future deviate from the historical
observations. The accrued cost of the employment taxes associated with the earned intrinsic value of the SRs will
vary with share price, which is a highly unpredictable parameter.
IDEX estimates the fair value of the Employee Share Purchase Plan (\u201cESPP\u201d) at the grant date, i.e. the first date
of the contribution period, by using the Black-Scholes option pricing model. The share-based compensation is
expensed over the contribution period. The valuation is based on share price and exercise price, share price
volatility, interest rates, and the term of the contribution period. The parameters may in the future deviate from
the historical observations.
Embedded derivative in convertible debt
Estimation methods are used to determine the fair value of the embedded derivative included in the convertible
debt. The effective interest used for the host contract and the embedded derivative is dependent on the
estimations. The estimations and the assumptions and inputs used in the valuation methods at original
recognition of the host contract and the embedded derivative, as well as revised valuation of the embedded
derivative at each balance sheet date. A significant amount of judgment is exercised in determining the inputs
and the result is therefore subject to an inherent risk of error.
j. Accounting Standards
Amendments to IAS 1 and IFRS Practice statement 2
\u2013Replacing Significant accounting policies with Material
accounting policies \u2014 The amendments replace the requirement to disclose the \u2018significant\u2019 accounting policies
with a requirement to disclose the \u2018material\u2019 accounting policies. The amendments to IAS 1 are applicable for
annual periods beginning on or after 1 January 2023. The Company has revised the accounting policy
information disclosures for 2023 to become consistent with the amended IAS 1.
Other amendments to standards or interpretations of standards effective as of January 1, 2023 and adopted by the
Company were not material to the Company\u2019s financial statements upon adoption.
Other standards, amendments to standards, and interpretations of standards, issued but not yet effective, are
either not expected to materially impact, or are not expected to be relevant to, the Company\u2019s financial
statements upon adoption.
Climate Change
As of December 31, 2023, the possible future financial impact to the Company resulting from climate change is
uncertain. Given the nature of the Company\u2019s operations and products, the Company believes any such impact
not to be material. The Company is monitoring current and expected climate change effects, as well as measures
considered or implemented by government and industry, in order to minimize any negative impact and to take
advantage of any favorable opportunities that may arise.
Financial
risks
IDEX emphasizes capital preservation and liquidity in managing its cash, which is held in bank accounts, which
are denominated in USD, NOK, GBP, and CNY.
Short-term capital requirements include funding operating losses and supporting net working capital
requirements. Reflecting the Company\u2019s operating model, investments in property, plant, and equipment are
modest, and have been funded with proceeds from issuance of
Ordinary Shares. IDEX has been funded through
the issuance of Ordinary Shares since it was established in 1996. In 2023, the parent company took up a
convertible loan.
The current cash position and financial forecasts indicate that in 2024, the Company will need significant
funding in the form of equity injection, debt or other. The Board is considering various funding options and
believes that the Company will obtain further financing for its planned operation, growth and working capital
requirements. Refer to the section above regarding going concern.
Interest Rate Risk
As of December 31, 2023, IDEX had cash of $11.4 million. The Company\u2019s exposure to interest rate sensitivity
is influenced primarily by changes in the underlying bank interest rates in the various currencies. IDEX\u2019s cash is
held in bank accounts, all of which are considered highly liquid. Accordingly, an immediate one percentage point
change in interest rates would not have a material effect on the fair market value the Company\u2019s cash accounts.
The convertible loan is the only debt to financial lenders. The Company is not exposed interest rate associated
with variable rate debt because the interest rate is fixed for the duration of the loan.
When calculating the recorded and carrying values of leases, interest rates are a variable in the calculations of
these values, but do not represent a meaningful level of risk of material changes in these values.
Currency Risk
The Company\u2019s trading transactions are denominated in U.S. Dollars (\u201cUSD\u201d), which is the Company\u2019s
consolidation and presentation currency. The functional currency of the parent company, IDEX Biometrics ASA,
is USD, while the functional currencies of the subsidiaries are the currency in their respective domiciles. The
Company incurs a portion of its expenses in currencies other than the USD, primarily British Pounds (\u201cGBP\u201d),
Norwegian Krone (\u201cNOK\u201d), Euro (\"EUR\"), and Chinese Yuan (\u201cCNY\u201d). The Company's cost level is exposed to
changes in the rates of exchange between the USD and these currencies. IDEX seeks to minimize this exposure
by maintaining currency cash balances at targeted levels appropriate to meet foreseeable short-term expenses in
these other currencies. The remaining cash balance is held in USD-denominated accounts. The Company does
not use forward exchange contracts or other hedging strategies to manage exchange rate exposure.
Each subsidiary's assets and liabilities are naturally hedged by being held and denominated in the functional
currency of the subsidiary.
In addition to USD, the parent company holds bank deposits in NOK and GBP; receivables in NOK, GBP and
EUR; and payables in NOK, GBP and EUR, and convertible debt in NOK. A 10% change in the relative value of
USD to NOK would have had a corresponding effect on the carrying value of the Company\u2019s debt of
approximately $800 thousand at December 31, 2023, and was not material at December 31, 2022. A 10% change
in the value of USD to CNY or EUR was not material at December 31, 2023 or December 31, 2022l. A 10%
increase in the value of the GBP relative to the USD would have had a corresponding effect on the carrying value
of the net financial assets and liabilities in foreign currencies at December 31, 2023 of approximately $980
thousand.
Credit and Liquidity Risk
IDEX extends customary credit terms to customers, reflecting its assessment of their individual creditworthiness.
The Company does not believe there is significant credit risk at large associated with its Accounts receivable,
trade, balance as of December 31, 2023. (See Note 14 \u2013 Accounts receivable.) A general reserve for doubtful
accounts has not been recognized. If revenue continues to increase, receivable balances from a broadening
customer base will increase, potentially increasing the credit risk at large. Based on review of all customer
accounts as of December 31, 2023, a specific reserve for possible loss has been recognized.
The Company believes it faces minimal risk on its cash position, as IDEX\u2019s cash is on deposit with reputable,
regulated banks.
The Company aims to increase revenue generation through sales of its products; however, it does not currently
have the cash resources to fully meet its operating commitments for the twelve months following the date of the
financial statements. This casts significant doubt on the Company\u2019s ability to continue as a going concern.
Revenue recognition
Revenue is recognized when control of the promised goods or services is transferred to a customer, in an amount
reflecting the consideration the Company expects to be entitled to in exchange for those goods or services. Sales,
value added, and other taxes incurred concurrent with revenue producing activities are excluded from revenue.
Shipping and handling charges to customers are included in revenue, and costs incurred associated with
outbound freight after control over a product has transferred to a customer are accounted for as revenue
reductions.
The Company\u2019s primary source of revenue comes from the sale of its products, which principally are biometric
fingerprint modules consisting of a sensor and an ASIC in a single package. Each module also contains
embedded software. The hardware and the embedded software are interdependent in that each needs the other to
provide the intended fingerprint authentication function to the customer. The primary customers for the
Company\u2019s products are smart card manufacturers and similar solution integrators. The Company currently does
not use distributors for the resale of its products.
The Company may license its intellectual property under right to use licenses, in which royalties due to the
Company are based upon a percentage of the licensee\u2019s sales and/or unit volumes. For the years 2023, 2022, and
2021, the Company recognized no revenue from licensing its intellectual property.
Certain contracts with customers contain multiple performance obligations, which typically may include a
combination of non-recurring engineering (\u201cNRE\u201d) services, prototype units, and production units. For these
contracts, if the individual performance obligations are distinct, they are accounted for separately. Generally, the
Company has determined the NRE services and prototype units represent one distinct performance obligation,
and the production units represent a separate distinct performance obligation. For such arrangements, revenue is
allocated to each performance obligation based on its relative standalone selling price, based on prices charged to
other customers or based on expected cost plus a customary profit margin. The Company generally recognizes
revenue for NRE services and prototype units at the point in time when a defined milestone under the
arrangement is completed and control is transferred to the customer, which is generally the shipment or delivery
of the prototype units.
The Company also recognizes revenue from contracts with customers associated with the delivery of certain
services, ranging from standalone NRE to advisory services. Generally, these contracts include a single
performance obligation (i.e., service element), and revenue is recognized upon the completion of the defined
service element and final acceptance by the customer of any project deliverable. However, revenue from services
may be recognized over time, if recognition of multiple service elements is based on completion of substantive
and results-based contractual milestones, and acknowledgement by the customer of such completion.
The Company does not have material obligations or reserves for warranties, returns, or customer refunds.
The Company does not have material obligations or reserves for warranties, returns, or customer refunds. There
were no contract asset or contract liability balances at December 31, 2023, 2022 or 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2468": { "value": "The Consolidated Financial Statements for 2023 were approved by the Board on April 24, 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2470": { "value": "a. Going Concern
The going concern assumption has been applied in the preparation of the consolidated financial statements. The
going concern assumes the realization of assets and satisfaction of liabilities in the normal course of business.
IDEX has incurred significant operating losses and negative cash flows during the development stage of the
business.
The future viability of the Company is dependent on its ability to generate cash from operating
activities and to raise additional capital to finance its operations.
The accumulated losses, net of capital reduction
reserve amounted to $29.5 million as of December 31, 2023, and the net cash outflow in 2023 amounted to $4.8
million after obtaining new equity and a loan amounting to $22.9 million combined. Net equity amounted to
$11.3 million, and the balance sheet solvency, defined as cash plus current receivables less current liabilities,
amounted to $890 thousand on December 31, 2023. While the Company has taken measures to significantly
reduce operating expenses, it does not expect that its existing cash will enable it to fund its operating expenses
and capital expenditures requirements for the next twelve months. The Company is exploring further options to
fund its commercialization efforts. While the Company has been successful in the past in raising funds through
private placements of shares and issuance of convertible debt, there is no assurance that IDEX will be successful
in raising capital the future. The Company\u2019s failure to raise capital as and when needed would have a negative
impact on its financial condition and its ability to pursue its business strategies. These factors cast significant
doubt on the Company's ability to continue as a going concern.
As an ongoing activity, the Company monitors liquidity and the Board is prepared to take appropriate measures
if and when required. IDEX has been successful in the past with implementing cost reductions and raising capital
through private placements of equity. Acknowledging the significant doubt identified above, the Board has on
balance concluded that the conditions for the going concern assumption are met.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2515": { "value": "b. Consolidation
The Company\u2019s Consolidated Financial Statements are comprised of the financial statements of IDEX
Biometrics ASA and its wholly-owned subsidiaries, with all intercompany transactions, balances, revenue,
expenses, and unrealized internal profit or losses eliminated upon consolidation.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2522": { "value": "c. Equity
Equity is comprised of the following:
\u2022
Share Capital: comprised of the nominal amount of the parent\u2019s ordinary shares. This capital is not
distributable in the form of dividends under the Norwegian Public Limited Liability Companies Act
(the \u201cPLLC Act\u201d) (refer to Note 15 \u2013 Share Capital and Share Premium).
\u2022
Share Premium: comprised of: (1) the amount received attributable to Share Capital, in excess of the
nominal amount of shares issued by the parent company, reduced by; (2) issuance costs directly
attributable to the capital increase and; (3) transfers into the Capital Reduction Reserve, (refer to
Note 22 \u2013 Share Capital and Share Premium).
\u2022
Share Based Payment Reserve: comprised of Share-based payment reserve.
\u2022
Foreign Currency Translation Effects: comprised of Currency Translation Difference.
\u2022
Capital Reduction Reserve: comprised of the absorption of accumulated losses of the Company by
the Share Premium, as resolved by the Board of Directors (refer to Note 15 \u2013 Share Capital and
Share Premium).
\u2022
Accumulated Loss: is comprised of cumulative historical losses of the Company. 22. Share capital and Share Premium
This note reports the number of shares as registered as of December 31, 2023, and on earlier dates, i.e., before
the 5:1 share consolidation (reverse split) taking effect on record date January 10, 2024. The incentive
subscription rights plan has adjustment clauses so that the number of subscription rights and the exercise prices
are adjusted by the same ratio. See also note 26 \u2013 Subsequent events.
There is one class of shares, and all such Ordinary Shares have equal rights. The par value of an Ordinary Share
was NOK 0.15 per share at December 31, 2023. IDEX does not hold any of its own Ordinary Shares.
During the years ended December 31, 2023, December 31, 2022, and December 31, 2021, the Board of Directors
approved the transfer of $13.0 million, $18.0 million, and $46.0 million, respectively, of Share Premium to
absorb uncovered losses as allowed under Norwegian law. As a result, Share Premium has been reduced by a
cumulative amount of $300.5 million as of December 31, 2023, $287.5 million as of December 31, 2022 and
$269.5 million as of December 31, 2021 against Capital Reduction Reserve. The transfer has no impact on the
total equity, comprehensive income (loss), assets (including cash), nor liabilities.
\n \n
Number of
Ordinary Shares
Balance at December 31, 2021
1,010,388,454
Share issues (Employee Share Purchase Plan)
4,947,546
Share issue (exercise of incentive subscription rights)
990,584
Private placement of Ordinary Shares on November 16
150,000,000
Balance at December 31, 2022
1,166,326,584
Share issues (Employee Share Purchase Plan)
4,583,947
Share issue (exercise of incentive subscription rights)
389,608
Private placement of Ordinary Shares on May 24
116,897,492
Private placement of Ordinary Shares on June 16
30,161,332
Private placement of Ordinary Shares on November 16
78,651,685
Private placement of Ordinary Shares on December 22
2
Balance at December 31, 2023
1,397,010,650
Costs related to share issuance have been charged against equity and amounted to $756 thousand in 2023, $737
thousand in 2022, and $2,827 thousand in 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2546": { "value": "d. Cost of materials, net of inventory change
Cost of materials, net of inventory change, consists of the costs of raw materials, components, contract
manufacturing, and transportation associated with production and storage of products for sale to customers, net
of inventory change.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2553": { "value": "e. Foreign currencies
The Company\u2019s Financial Statements are presented in USD. The functional currency of the parent company is
USD, while the functional currency for each foreign subsidiary is its local currency. Transactions involving the
translation to the respective functional currencies of values denominated in foreign currencies are classified as
monetary or non-monetary, thereby defining the measurement and recognition of foreign currency translation
gains and losses applicable to a transaction.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2554": { "value": "e. Foreign currencies
The Company\u2019s Financial Statements are presented in USD. The functional currency of the parent company is
USD, while the functional currency for each foreign subsidiary is its local currency. Transactions involving the
translation to the respective functional currencies of values denominated in foreign currencies are classified as
monetary or non-monetary, thereby defining the measurement and recognition of foreign currency translation
gains and losses applicable to a transaction.
Monetary assets and liabilities generally have values fixed by explicit or implicit contract. Examples include
bank deposits, debt, accounts receivable, and accounts payable. Monetary assets and liabilities subject to foreign
currency adjustments are measured on the initial transaction date using the exchange rates in effect at that date.
At each subsequent reporting date and through the date of settlement (i.e., payment) or derecognition, such
monetary assets and liabilities are remeasured using the then-current exchange rate, and any foreign currency
translation gains or losses are recorded by the entity within Financial income or Financial cost.
Non-monetary assets and liabilities generally are those assets and liabilities for which the recorded values are not
subject to contractual or other formal definitions (i.e., those assets and liabilities that are not classified as
monetary assets or liabilities). Non-monetary assets and liabilities are not subject to foreign currency adjustments
at the entity level.
Assets and liabilities in entities with another functional currency than the USD, including goodwill and fair value
adjustments, if any, are translated into USD using the exchange rates in effect at the reporting date of the
Consolidated Statements of Financial Position. Amounts reported on the Consolidated Statements of Profit and
Loss are translated to USD using the average exchange rates in effect for the reporting period. Significant, large
transactions may be translated using the rate at the transaction date.
Foreign exchange differences arising on translation from functional currency to presentation currency are
reported in Other comprehensive income (\u201cOCI\u201d). Translation gains or losses previously recognized in OCI are
reversed and recognized in the Consolidated Statements of Profit and Loss if and when the entity is disposed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2602": { "value": "f. Research and development expenses
Expenses in this category consist primarily of the costs of services and materials used in engineering activities
and certain outsourced development activities. Payroll costs related to research and development employees are
classified as Compensation and benefit expenses, not as research and development expenses, on the Consolidated
Statement of Profit and Loss. However, the compensation paid to individual contractors serving in engineering
roles is included in Research and development expenses.
Research costs are expensed as incurred. Development expenses that do not meet the criteria of capitalization are
expensed as incurred. Development expenses are capitalized when (i) the technical feasibility of completing
development has been demonstrated, (ii) the costs of development can be measured reliably, (iii) it is probable
that IDEX will realize future economic benefits from the asset, and (iv) IDEX has committed to complete the
development. Once the development is complete and the resulting asset is available for use, the capitalized
development cost (i.e., the asset value) is amortized over its expected useful life.
The Company applies for and has received government grants associated with certain research and development
projects. The recognized value of government grants applicable to research and development activities are
credited against research and development costs. Generally, the applications or claims for such grants are
submitted after completion of the qualifying activities. When it is realistic that the application or claim will be
successful and the amount can be determined reliably, the Company credit the value of the grant against research
and development expenses for that reporting period. Due to the timing difference between the completion of the
qualifying activities, the approval of our grant application or claim, and the receipt of the funds associated with
the grant, we may record, pending receipt of funds, the value of the grant as an Account receivable, other.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2616": { "value": "The Company applies for and has received government grants associated with certain research and development
projects. The recognized value of government grants applicable to research and development activities are
credited against research and development costs. Generally, the applications or claims for such grants are
submitted after completion of the qualifying activities. When it is realistic that the application or claim will be
successful and the amount can be determined reliably, the Company credit the value of the grant against research
and development expenses for that reporting period. Due to the timing difference between the completion of the
qualifying activities, the approval of our grant application or claim, and the receipt of the funds associated with
the grant, we may record, pending receipt of funds, the value of the grant as an Account receivable, other.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2628": { "value": "g. Convertible debt
The terms of the convertible debt agreements are evaluated to determine whether the instruments contain both
liability and equity components, in which case the instrument is a compound instrument. Convertible debt
agreements are evaluated to determine whether they contain embedded derivatives, in which case the instrument
is a hybrid financial instrument. Based on evaluation of the terms in our convertible debt agreements, the
Company determined that the conversion option was an embedded derivative and, therefore, the convertible debt
was accounted for as a hybrid financial instrument. The Company has elected to assign transaction costs entirely
to the financial liability host (principal).
Estimation methods are used to determine the fair value of embedded derivatives included in hybrid financial
instruments. The determination of the effective interest used for the host contracts of hybrid financial instruments
and the liability components of compound financial instruments is dependent on the outcome of such
estimations. Evaluating the reasonableness of these estimations and the assumptions and inputs used in the
valuation methods requires a significant amount of judgment and is therefore subject to an inherent risk of error.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2644": { "value": "h. Finance income and finance cost
Finance income and finance cost consists of interest income, interest expense, valuation change of the embedded
derivative, and net foreign exchange losses (gains) arising from settlement of obligations denominated in foreign
currencies during the period and foreign currency translation adjustments recognized at period end.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2645": { "value": "h. Finance income and finance cost
Finance income and finance cost consists of interest income, interest expense, valuation change of the embedded
derivative, and net foreign exchange losses (gains) arising from settlement of obligations denominated in foreign
currencies during the period and foreign currency translation adjustments recognized at period end.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2670": { "value": "i. Accounting estimates, based on the use of judgment and assumptions
The application of certain accounting standards requires management to make accounting judgments, estimates
and assumptions affecting reported amounts of assets, liabilities, income and expenses.
The main areas where the Company has made significant judgments when applying the accounting policies and
that have the most material effect on the amounts recognized in the financial statements have been described in
the following notes:
\u2022
Revenue Recognition
\u2022
Leases
Estimates used in the preparation of these financial statements are prepared based on bespoke models, while the
assumptions on which the estimates are based rely on historical experience and other factors that management
assesses to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates
and underlying assumptions are reviewed on an ongoing basis.
The most important matters in understanding the key sources of estimation uncertainty are described in each of
the following notes:
\u2022
Intangible
assets
\u2022
Inventory
\u2022
Accounts receivable, trade
\u2022
Share-based compensation
\u2022
Embedded derivative in convertible debt
Intangible assets
IDEX\u2019s patents and other intellectual property rights created by the Company are capitalized only when they
satisfy the criteria for capitalization. No development costs have been capitalized in 2023, 2022, or 2021.
Acquired intangible assets are capitalized initially at fair value, normally the purchase price. Intangible assets are
amortized over their useful economic lives. An assessment of impairment losses on non-current assets is made
when there is an indication of a decrease in value. An intangible asset\u2019s carrying amount is compared to the
asset\u2019s recoverable amount. The recoverable amount is the higher of the fair value (less costs to sell to an
independent third party) or the calculated value based on the discounted estimated cash flow from continued use.
The estimate is based on judgments of when and whether there will be an economic benefit from the asset, and
assumptions about the amounts. As of December 31, 2023, the Company determined that there were no
indicators of impairment, and no impairment was recorded.
Inventory
Inventories consist of raw materials, work in process, and finished goods. Inventory is recorded at the lower of
cost and net realizable value. Impairment is assessed quarterly, based on management\u2019s judgment of when and
whether the inventory may be sold, and assumptions about the sales price and selling costs. The estimate is
uncertain, because timing of sales are subject to many risks. Selling prices are uncertain in the market for IDEX\u2019s
products. Reselling components or other commodity raw materials at any value may not be easily achieved, and
elements of work in progress and finished goods, if impaired (i.e., considered excess or obsolete inventory),
generally have no resale value and are held for disposal.
Accounts receivable, trade
Trade accounts receivable consist of invoiced amounts owed by customers, net of minor prepayments received
and allowances for doubtful accounts. Regarding allowances for doubtful accounts, see section
Credit and
Liquidity Risk
below.
Share-based compensation
IDEX estimates the fair value of incentive subscription rights (\u201cSRs\u201d) at the grant date by using the
Black-Scholes option pricing model, and record share-based remuneration cost over the vesting period of the
SRs. The valuation is based on share price and exercise price, share price volatility, interest rates, and the
expected term of the SRs, based on historical data. The parameters may in the future deviate from the historical
observations. The accrued cost of the employment taxes associated with the earned intrinsic value of the SRs will
vary with share price, which is a highly unpredictable parameter.
IDEX estimates the fair value of the Employee Share Purchase Plan (\u201cESPP\u201d) at the grant date, i.e. the first date
of the contribution period, by using the Black-Scholes option pricing model. The share-based compensation is
expensed over the contribution period. The valuation is based on share price and exercise price, share price
volatility, interest rates, and the term of the contribution period. The parameters may in the future deviate from
the historical observations.
Embedded derivative in convertible debt
Estimation methods are used to determine the fair value of the embedded derivative included in the convertible
debt. The effective interest used for the host contract and the embedded derivative is dependent on the
estimations. The estimations and the assumptions and inputs used in the valuation methods at original
recognition of the host contract and the embedded derivative, as well as revised valuation of the embedded
derivative at each balance sheet date. A significant amount of judgment is exercised in determining the inputs
and the result is therefore subject to an inherent risk of error.
j. Accounting Standards
Amendments to IAS 1 and IFRS Practice statement 2
\u2013Replacing Significant accounting policies with Material
accounting policies \u2014 The amendments replace the requirement to disclose the \u2018significant\u2019 accounting policies
with a requirement to disclose the \u2018material\u2019 accounting policies. The amendments to IAS 1 are applicable for
annual periods beginning on or after 1 January 2023. The Company has revised the accounting policy
information disclosures for 2023 to become consistent with the amended IAS 1.
Other amendments to standards or interpretations of standards effective as of January 1, 2023 and adopted by the
Company were not material to the Company\u2019s financial statements upon adoption.
Other standards, amendments to standards, and interpretations of standards, issued but not yet effective, are
either not expected to materially impact, or are not expected to be relevant to, the Company\u2019s financial
statements upon adoption.
Climate Change
As of December 31, 2023, the possible future financial impact to the Company resulting from climate change is
uncertain. Given the nature of the Company\u2019s operations and products, the Company believes any such impact
not to be material. The Company is monitoring current and expected climate change effects, as well as measures
considered or implemented by government and industry, in order to minimize any negative impact and to take
advantage of any favorable opportunities that may arise.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2699": { "value": "Intangible assets
IDEX\u2019s patents and other intellectual property rights created by the Company are capitalized only when they
satisfy the criteria for capitalization. No development costs have been capitalized in 2023, 2022, or 2021.
Acquired intangible assets are capitalized initially at fair value, normally the purchase price. Intangible assets are
amortized over their useful economic lives. An assessment of impairment losses on non-current assets is made
when there is an indication of a decrease in value. An intangible asset\u2019s carrying amount is compared to the
asset\u2019s recoverable amount. The recoverable amount is the higher of the fair value (less costs to sell to an
independent third party) or the calculated value based on the discounted estimated cash flow from continued use.
The estimate is based on judgments of when and whether there will be an economic benefit from the asset, and
assumptions about the amounts. As of December 31, 2023, the Company determined that there were no
indicators of impairment, and no impairment was recorded.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2700": { "value": "Intangible assets
IDEX\u2019s patents and other intellectual property rights created by the Company are capitalized only when they
satisfy the criteria for capitalization. No development costs have been capitalized in 2023, 2022, or 2021.
Acquired intangible assets are capitalized initially at fair value, normally the purchase price. Intangible assets are
amortized over their useful economic lives. An assessment of impairment losses on non-current assets is made
when there is an indication of a decrease in value. An intangible asset\u2019s carrying amount is compared to the
asset\u2019s recoverable amount. The recoverable amount is the higher of the fair value (less costs to sell to an
independent third party) or the calculated value based on the discounted estimated cash flow from continued use.
The estimate is based on judgments of when and whether there will be an economic benefit from the asset, and
assumptions about the amounts. As of December 31, 2023, the Company determined that there were no
indicators of impairment, and no impairment was recorded.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2707": { "value": "An assessment of impairment losses on non-current assets is made
when there is an indication of a decrease in value. An intangible asset\u2019s carrying amount is compared to the
asset\u2019s recoverable amount. The recoverable amount is the higher of the fair value (less costs to sell to an
independent third party) or the calculated value based on the discounted estimated cash flow from continued use.
The estimate is based on judgments of when and whether there will be an economic benefit from the asset, and
assumptions about the amounts. As of December 31, 2023, the Company determined that there were no
indicators of impairment, and no impairment was recorded.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2708": { "value": "An assessment of impairment losses on non-current assets is made
when there is an indication of a decrease in value. An intangible asset\u2019s carrying amount is compared to the
asset\u2019s recoverable amount. The recoverable amount is the higher of the fair value (less costs to sell to an
independent third party) or the calculated value based on the discounted estimated cash flow from continued use.
The estimate is based on judgments of when and whether there will be an economic benefit from the asset, and
assumptions about the amounts. As of December 31, 2023, the Company determined that there were no
indicators of impairment, and no impairment was recorded.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2722": { "value": "Inventory
Inventories consist of raw materials, work in process, and finished goods. Inventory is recorded at the lower of
cost and net realizable value. Impairment is assessed quarterly, based on management\u2019s judgment of when and
whether the inventory may be sold, and assumptions about the sales price and selling costs. The estimate is
uncertain, because timing of sales are subject to many risks. Selling prices are uncertain in the market for IDEX\u2019s
products. Reselling components or other commodity raw materials at any value may not be easily achieved, and
elements of work in progress and finished goods, if impaired (i.e., considered excess or obsolete inventory),
generally have no resale value and are held for disposal.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2733": { "value": "Accounts receivable, trade
Trade accounts receivable consist of invoiced amounts owed by customers, net of minor prepayments received
and allowances for doubtful accounts. Regarding allowances for doubtful accounts, see section
Credit and
Liquidity Risk
below.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2742": { "value": "Share-based compensation
IDEX estimates the fair value of incentive subscription rights (\u201cSRs\u201d) at the grant date by using the
Black-Scholes option pricing model, and record share-based remuneration cost over the vesting period of the
SRs. The valuation is based on share price and exercise price, share price volatility, interest rates, and the
expected term of the SRs, based on historical data. The parameters may in the future deviate from the historical
observations. The accrued cost of the employment taxes associated with the earned intrinsic value of the SRs will
vary with share price, which is a highly unpredictable parameter.
IDEX estimates the fair value of the Employee Share Purchase Plan (\u201cESPP\u201d) at the grant date, i.e. the first date
of the contribution period, by using the Black-Scholes option pricing model. The share-based compensation is
expensed over the contribution period. The valuation is based on share price and exercise price, share price
volatility, interest rates, and the term of the contribution period. The parameters may in the future deviate from
the historical observations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2779": { "value": "Embedded derivative in convertible debt
Estimation methods are used to determine the fair value of the embedded derivative included in the convertible
debt. The effective interest used for the host contract and the embedded derivative is dependent on the
estimations. The estimations and the assumptions and inputs used in the valuation methods at original
recognition of the host contract and the embedded derivative, as well as revised valuation of the embedded
derivative at each balance sheet date. A significant amount of judgment is exercised in determining the inputs
and the result is therefore subject to an inherent risk of error.Financial
risks
IDEX emphasizes capital preservation and liquidity in managing its cash, which is held in bank accounts, which
are denominated in USD, NOK, GBP, and CNY.
Short-term capital requirements include funding operating losses and supporting net working capital
requirements. Reflecting the Company\u2019s operating model, investments in property, plant, and equipment are
modest, and have been funded with proceeds from issuance of
Ordinary Shares. IDEX has been funded through
the issuance of Ordinary Shares since it was established in 1996. In 2023, the parent company took up a
convertible loan.
The current cash position and financial forecasts indicate that in 2024, the Company will need significant
funding in the form of equity injection, debt or other. The Board is considering various funding options and
believes that the Company will obtain further financing for its planned operation, growth and working capital
requirements. Refer to the section above regarding going concern.
Interest Rate Risk
As of December 31, 2023, IDEX had cash of $11.4 million. The Company\u2019s exposure to interest rate sensitivity
is influenced primarily by changes in the underlying bank interest rates in the various currencies. IDEX\u2019s cash is
held in bank accounts, all of which are considered highly liquid. Accordingly, an immediate one percentage point
change in interest rates would not have a material effect on the fair market value the Company\u2019s cash accounts.
The convertible loan is the only debt to financial lenders. The Company is not exposed interest rate associated
with variable rate debt because the interest rate is fixed for the duration of the loan.
When calculating the recorded and carrying values of leases, interest rates are a variable in the calculations of
these values, but do not represent a meaningful level of risk of material changes in these values.
Currency Risk
The Company\u2019s trading transactions are denominated in U.S. Dollars (\u201cUSD\u201d), which is the Company\u2019s
consolidation and presentation currency. The functional currency of the parent company, IDEX Biometrics ASA,
is USD, while the functional currencies of the subsidiaries are the currency in their respective domiciles. The
Company incurs a portion of its expenses in currencies other than the USD, primarily British Pounds (\u201cGBP\u201d),
Norwegian Krone (\u201cNOK\u201d), Euro (\"EUR\"), and Chinese Yuan (\u201cCNY\u201d). The Company's cost level is exposed to
changes in the rates of exchange between the USD and these currencies. IDEX seeks to minimize this exposure
by maintaining currency cash balances at targeted levels appropriate to meet foreseeable short-term expenses in
these other currencies. The remaining cash balance is held in USD-denominated accounts. The Company does
not use forward exchange contracts or other hedging strategies to manage exchange rate exposure.
Each subsidiary's assets and liabilities are naturally hedged by being held and denominated in the functional
currency of the subsidiary.
In addition to USD, the parent company holds bank deposits in NOK and GBP; receivables in NOK, GBP and
EUR; and payables in NOK, GBP and EUR, and convertible debt in NOK. A 10% change in the relative value of
USD to NOK would have had a corresponding effect on the carrying value of the Company\u2019s debt of
approximately $800 thousand at December 31, 2023, and was not material at December 31, 2022. A 10% change
in the value of USD to CNY or EUR was not material at December 31, 2023 or December 31, 2022l. A 10%
increase in the value of the GBP relative to the USD would have had a corresponding effect on the carrying value
of the net financial assets and liabilities in foreign currencies at December 31, 2023 of approximately $980
thousand.
Credit and Liquidity Risk
IDEX extends customary credit terms to customers, reflecting its assessment of their individual creditworthiness.
The Company does not believe there is significant credit risk at large associated with its Accounts receivable,
trade, balance as of December 31, 2023. (See Note 14 \u2013 Accounts receivable.) A general reserve for doubtful
accounts has not been recognized. If revenue continues to increase, receivable balances from a broadening
customer base will increase, potentially increasing the credit risk at large. Based on review of all customer
accounts as of December 31, 2023, a specific reserve for possible loss has been recognized.
The Company believes it faces minimal risk on its cash position, as IDEX\u2019s cash is on deposit with reputable,
regulated banks.
The Company aims to increase revenue generation through sales of its products; however, it does not currently
have the cash resources to fully meet its operating commitments for the twelve months following the date of the
financial statements. This casts significant doubt on the Company\u2019s ability to continue as a going concern.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2789": { "value": "j. Accounting Standards
Amendments to IAS 1 and IFRS Practice statement 2
\u2013Replacing Significant accounting policies with Material
accounting policies \u2014 The amendments replace the requirement to disclose the \u2018significant\u2019 accounting policies
with a requirement to disclose the \u2018material\u2019 accounting policies. The amendments to IAS 1 are applicable for
annual periods beginning on or after 1 January 2023. The Company has revised the accounting policy
information disclosures for 2023 to become consistent with the amended IAS 1.
Other amendments to standards or interpretations of standards effective as of January 1, 2023 and adopted by the
Company were not material to the Company\u2019s financial statements upon adoption.
Other standards, amendments to standards, and interpretations of standards, issued but not yet effective, are
either not expected to materially impact, or are not expected to be relevant to, the Company\u2019s financial
statements upon adoption.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2790": { "value": "j. Accounting Standards
Amendments to IAS 1 and IFRS Practice statement 2
\u2013Replacing Significant accounting policies with Material
accounting policies \u2014 The amendments replace the requirement to disclose the \u2018significant\u2019 accounting policies
with a requirement to disclose the \u2018material\u2019 accounting policies. The amendments to IAS 1 are applicable for
annual periods beginning on or after 1 January 2023. The Company has revised the accounting policy
information disclosures for 2023 to become consistent with the amended IAS 1.
Other amendments to standards or interpretations of standards effective as of January 1, 2023 and adopted by the
Company were not material to the Company\u2019s financial statements upon adoption.
Other standards, amendments to standards, and interpretations of standards, issued but not yet effective, are
either not expected to materially impact, or are not expected to be relevant to, the Company\u2019s financial
statements upon adoption.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2807": { "value": "Climate Change
As of December 31, 2023, the possible future financial impact to the Company resulting from climate change is
uncertain. Given the nature of the Company\u2019s operations and products, the Company believes any such impact
not to be material. The Company is monitoring current and expected climate change effects, as well as measures
considered or implemented by government and industry, in order to minimize any negative impact and to take
advantage of any favorable opportunities that may arise.", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2817": { "value": "Financial
risks
IDEX emphasizes capital preservation and liquidity in managing its cash, which is held in bank accounts, which
are denominated in USD, NOK, GBP, and CNY.
Short-term capital requirements include funding operating losses and supporting net working capital
requirements. Reflecting the Company\u2019s operating model, investments in property, plant, and equipment are
modest, and have been funded with proceeds from issuance of
Ordinary Shares. IDEX has been funded through
the issuance of Ordinary Shares since it was established in 1996. In 2023, the parent company took up a
convertible loan.
The current cash position and financial forecasts indicate that in 2024, the Company will need significant
funding in the form of equity injection, debt or other. The Board is considering various funding options and
believes that the Company will obtain further financing for its planned operation, growth and working capital
requirements. Refer to the section above regarding going concern.
Interest Rate Risk
As of December 31, 2023, IDEX had cash of $11.4 million. The Company\u2019s exposure to interest rate sensitivity
is influenced primarily by changes in the underlying bank interest rates in the various currencies. IDEX\u2019s cash is
held in bank accounts, all of which are considered highly liquid. Accordingly, an immediate one percentage point
change in interest rates would not have a material effect on the fair market value the Company\u2019s cash accounts.
The convertible loan is the only debt to financial lenders. The Company is not exposed interest rate associated
with variable rate debt because the interest rate is fixed for the duration of the loan.
When calculating the recorded and carrying values of leases, interest rates are a variable in the calculations of
these values, but do not represent a meaningful level of risk of material changes in these values.
Currency Risk
The Company\u2019s trading transactions are denominated in U.S. Dollars (\u201cUSD\u201d), which is the Company\u2019s
consolidation and presentation currency. The functional currency of the parent company, IDEX Biometrics ASA,
is USD, while the functional currencies of the subsidiaries are the currency in their respective domiciles. The
Company incurs a portion of its expenses in currencies other than the USD, primarily British Pounds (\u201cGBP\u201d),
Norwegian Krone (\u201cNOK\u201d), Euro (\"EUR\"), and Chinese Yuan (\u201cCNY\u201d). The Company's cost level is exposed to
changes in the rates of exchange between the USD and these currencies. IDEX seeks to minimize this exposure
by maintaining currency cash balances at targeted levels appropriate to meet foreseeable short-term expenses in
these other currencies. The remaining cash balance is held in USD-denominated accounts. The Company does
not use forward exchange contracts or other hedging strategies to manage exchange rate exposure.
Each subsidiary's assets and liabilities are naturally hedged by being held and denominated in the functional
currency of the subsidiary.
In addition to USD, the parent company holds bank deposits in NOK and GBP; receivables in NOK, GBP and
EUR; and payables in NOK, GBP and EUR, and convertible debt in NOK. A 10% change in the relative value of
USD to NOK would have had a corresponding effect on the carrying value of the Company\u2019s debt of
approximately $800 thousand at December 31, 2023, and was not material at December 31, 2022. A 10% change
in the value of USD to CNY or EUR was not material at December 31, 2023 or December 31, 2022l. A 10%
increase in the value of the GBP relative to the USD would have had a corresponding effect on the carrying value
of the net financial assets and liabilities in foreign currencies at December 31, 2023 of approximately $980
thousand.
Credit and Liquidity Risk
IDEX extends customary credit terms to customers, reflecting its assessment of their individual creditworthiness.
The Company does not believe there is significant credit risk at large associated with its Accounts receivable,
trade, balance as of December 31, 2023. (See Note 14 \u2013 Accounts receivable.) A general reserve for doubtful
accounts has not been recognized. If revenue continues to increase, receivable balances from a broadening
customer base will increase, potentially increasing the credit risk at large. Based on review of all customer
accounts as of December 31, 2023, a specific reserve for possible loss has been recognized.
The Company believes it faces minimal risk on its cash position, as IDEX\u2019s cash is on deposit with reputable,
regulated banks.
The Company aims to increase revenue generation through sales of its products; however, it does not currently
have the cash resources to fully meet its operating commitments for the twelve months following the date of the
financial statements. This casts significant doubt on the Company\u2019s ability to continue as a going concern.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2819": { "value": "Financial
risks
IDEX emphasizes capital preservation and liquidity in managing its cash, which is held in bank accounts, which
are denominated in USD, NOK, GBP, and CNY.
Short-term capital requirements include funding operating losses and supporting net working capital
requirements. Reflecting the Company\u2019s operating model, investments in property, plant, and equipment are
modest, and have been funded with proceeds from issuance of
Ordinary Shares. IDEX has been funded through
the issuance of Ordinary Shares since it was established in 1996. In 2023, the parent company took up a
convertible loan.
The current cash position and financial forecasts indicate that in 2024, the Company will need significant
funding in the form of equity injection, debt or other. The Board is considering various funding options and
believes that the Company will obtain further financing for its planned operation, growth and working capital
requirements. Refer to the section above regarding going concern.
Interest Rate Risk
As of December 31, 2023, IDEX had cash of $11.4 million. The Company\u2019s exposure to interest rate sensitivity
is influenced primarily by changes in the underlying bank interest rates in the various currencies. IDEX\u2019s cash is
held in bank accounts, all of which are considered highly liquid. Accordingly, an immediate one percentage point
change in interest rates would not have a material effect on the fair market value the Company\u2019s cash accounts.
The convertible loan is the only debt to financial lenders. The Company is not exposed interest rate associated
with variable rate debt because the interest rate is fixed for the duration of the loan.
When calculating the recorded and carrying values of leases, interest rates are a variable in the calculations of
these values, but do not represent a meaningful level of risk of material changes in these values.
Currency Risk
The Company\u2019s trading transactions are denominated in U.S. Dollars (\u201cUSD\u201d), which is the Company\u2019s
consolidation and presentation currency. The functional currency of the parent company, IDEX Biometrics ASA,
is USD, while the functional currencies of the subsidiaries are the currency in their respective domiciles. The
Company incurs a portion of its expenses in currencies other than the USD, primarily British Pounds (\u201cGBP\u201d),
Norwegian Krone (\u201cNOK\u201d), Euro (\"EUR\"), and Chinese Yuan (\u201cCNY\u201d). The Company's cost level is exposed to
changes in the rates of exchange between the USD and these currencies. IDEX seeks to minimize this exposure
by maintaining currency cash balances at targeted levels appropriate to meet foreseeable short-term expenses in
these other currencies. The remaining cash balance is held in USD-denominated accounts. The Company does
not use forward exchange contracts or other hedging strategies to manage exchange rate exposure.
Each subsidiary's assets and liabilities are naturally hedged by being held and denominated in the functional
currency of the subsidiary.
In addition to USD, the parent company holds bank deposits in NOK and GBP; receivables in NOK, GBP and
EUR; and payables in NOK, GBP and EUR, and convertible debt in NOK. A 10% change in the relative value of
USD to NOK would have had a corresponding effect on the carrying value of the Company\u2019s debt of
approximately $800 thousand at December 31, 2023, and was not material at December 31, 2022. A 10% change
in the value of USD to CNY or EUR was not material at December 31, 2023 or December 31, 2022l. A 10%
increase in the value of the GBP relative to the USD would have had a corresponding effect on the carrying value
of the net financial assets and liabilities in foreign currencies at December 31, 2023 of approximately $980
thousand.
Credit and Liquidity Risk
IDEX extends customary credit terms to customers, reflecting its assessment of their individual creditworthiness.
The Company does not believe there is significant credit risk at large associated with its Accounts receivable,
trade, balance as of December 31, 2023. (See Note 14 \u2013 Accounts receivable.) A general reserve for doubtful
accounts has not been recognized. If revenue continues to increase, receivable balances from a broadening
customer base will increase, potentially increasing the credit risk at large. Based on review of all customer
accounts as of December 31, 2023, a specific reserve for possible loss has been recognized.
The Company believes it faces minimal risk on its cash position, as IDEX\u2019s cash is on deposit with reputable,
regulated banks.
The Company aims to increase revenue generation through sales of its products; however, it does not currently
have the cash resources to fully meet its operating commitments for the twelve months following the date of the
financial statements. This casts significant doubt on the Company\u2019s ability to continue as a going concern.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2837": { "value": "Interest Rate Risk
As of December 31, 2023, IDEX had cash of $11.4 million. The Company\u2019s exposure to interest rate sensitivity
is influenced primarily by changes in the underlying bank interest rates in the various currencies. IDEX\u2019s cash is
held in bank accounts, all of which are considered highly liquid. Accordingly, an immediate one percentage point
change in interest rates would not have a material effect on the fair market value the Company\u2019s cash accounts.
The convertible loan is the only debt to financial lenders. The Company is not exposed interest rate associated
with variable rate debt because the interest rate is fixed for the duration of the loan.
When calculating the recorded and carrying values of leases, interest rates are a variable in the calculations of
these values, but do not represent a meaningful level of risk of material changes in these values.
Currency Risk
The Company\u2019s trading transactions are denominated in U.S. Dollars (\u201cUSD\u201d), which is the Company\u2019s
consolidation and presentation currency. The functional currency of the parent company, IDEX Biometrics ASA,
is USD, while the functional currencies of the subsidiaries are the currency in their respective domiciles. The
Company incurs a portion of its expenses in currencies other than the USD, primarily British Pounds (\u201cGBP\u201d),
Norwegian Krone (\u201cNOK\u201d), Euro (\"EUR\"), and Chinese Yuan (\u201cCNY\u201d). The Company's cost level is exposed to
changes in the rates of exchange between the USD and these currencies. IDEX seeks to minimize this exposure
by maintaining currency cash balances at targeted levels appropriate to meet foreseeable short-term expenses in
these other currencies. The remaining cash balance is held in USD-denominated accounts. The Company does
not use forward exchange contracts or other hedging strategies to manage exchange rate exposure.
Each subsidiary's assets and liabilities are naturally hedged by being held and denominated in the functional
currency of the subsidiary.
In addition to USD, the parent company holds bank deposits in NOK and GBP; receivables in NOK, GBP and
EUR; and payables in NOK, GBP and EUR, and convertible debt in NOK. A 10% change in the relative value of
USD to NOK would have had a corresponding effect on the carrying value of the Company\u2019s debt of
approximately $800 thousand at December 31, 2023, and was not material at December 31, 2022. A 10% change
in the value of USD to CNY or EUR was not material at December 31, 2023 or December 31, 2022l. A 10%
increase in the value of the GBP relative to the USD would have had a corresponding effect on the carrying value
of the net financial assets and liabilities in foreign currencies at December 31, 2023 of approximately $980
thousand.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2897": { "value": "Credit and Liquidity Risk
IDEX extends customary credit terms to customers, reflecting its assessment of their individual creditworthiness.
The Company does not believe there is significant credit risk at large associated with its Accounts receivable,
trade, balance as of December 31, 2023. (See Note 14 \u2013 Accounts receivable.) A general reserve for doubtful
accounts has not been recognized. If revenue continues to increase, receivable balances from a broadening
customer base will increase, potentially increasing the credit risk at large. Based on review of all customer
accounts as of December 31, 2023, a specific reserve for possible loss has been recognized.
The Company believes it faces minimal risk on its cash position, as IDEX\u2019s cash is on deposit with reputable,
regulated banks.
The Company aims to increase revenue generation through sales of its products; however, it does not currently
have the cash resources to fully meet its operating commitments for the twelve months following the date of the
financial statements. This casts significant doubt on the Company\u2019s ability to continue as a going concern.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2898": { "value": "Credit and Liquidity Risk
IDEX extends customary credit terms to customers, reflecting its assessment of their individual creditworthiness.
The Company does not believe there is significant credit risk at large associated with its Accounts receivable,
trade, balance as of December 31, 2023. (See Note 14 \u2013 Accounts receivable.) A general reserve for doubtful
accounts has not been recognized. If revenue continues to increase, receivable balances from a broadening
customer base will increase, potentially increasing the credit risk at large. Based on review of all customer
accounts as of December 31, 2023, a specific reserve for possible loss has been recognized.
The Company believes it faces minimal risk on its cash position, as IDEX\u2019s cash is on deposit with reputable,
regulated banks.
The Company aims to increase revenue generation through sales of its products; however, it does not currently
have the cash resources to fully meet its operating commitments for the twelve months following the date of the
financial statements. This casts significant doubt on the Company\u2019s ability to continue as a going concern.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2918": { "value": "Revenue recognition
Revenue is recognized when control of the promised goods or services is transferred to a customer, in an amount
reflecting the consideration the Company expects to be entitled to in exchange for those goods or services. Sales,
value added, and other taxes incurred concurrent with revenue producing activities are excluded from revenue.
Shipping and handling charges to customers are included in revenue, and costs incurred associated with
outbound freight after control over a product has transferred to a customer are accounted for as revenue
reductions.
The Company\u2019s primary source of revenue comes from the sale of its products, which principally are biometric
fingerprint modules consisting of a sensor and an ASIC in a single package. Each module also contains
embedded software. The hardware and the embedded software are interdependent in that each needs the other to
provide the intended fingerprint authentication function to the customer. The primary customers for the
Company\u2019s products are smart card manufacturers and similar solution integrators. The Company currently does
not use distributors for the resale of its products.
The Company may license its intellectual property under right to use licenses, in which royalties due to the
Company are based upon a percentage of the licensee\u2019s sales and/or unit volumes. For the years 2023, 2022, and
2021, the Company recognized no revenue from licensing its intellectual property.
Certain contracts with customers contain multiple performance obligations, which typically may include a
combination of non-recurring engineering (\u201cNRE\u201d) services, prototype units, and production units. For these
contracts, if the individual performance obligations are distinct, they are accounted for separately. Generally, the
Company has determined the NRE services and prototype units represent one distinct performance obligation,
and the production units represent a separate distinct performance obligation. For such arrangements, revenue is
allocated to each performance obligation based on its relative standalone selling price, based on prices charged to
other customers or based on expected cost plus a customary profit margin. The Company generally recognizes
revenue for NRE services and prototype units at the point in time when a defined milestone under the
arrangement is completed and control is transferred to the customer, which is generally the shipment or delivery
of the prototype units.
The Company also recognizes revenue from contracts with customers associated with the delivery of certain
services, ranging from standalone NRE to advisory services. Generally, these contracts include a single
performance obligation (i.e., service element), and revenue is recognized upon the completion of the defined
service element and final acceptance by the customer of any project deliverable. However, revenue from services
may be recognized over time, if recognition of multiple service elements is based on completion of substantive
and results-based contractual milestones, and acknowledgement by the customer of such completion.
The Company does not have material obligations or reserves for warranties, returns, or customer refunds.
The Company does not have material obligations or reserves for warranties, returns, or customer refunds. There
were no contract asset or contract liability balances at December 31, 2023, 2022 or 2021.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2975": { "value": "4. Segment reporting
IDEX manages its operations as a single segment for the purposes of assessing performance and making
operating decisions. IDEX operates as one operating segment, fingerprint imaging and authentication
technology. IDEX has determined that its chief operating decision maker is its Chief Executive Officer. The
Company\u2019s chief operating decision maker reviews the Company\u2019s financial information on an aggregated basis
for the purposes of allocating resources and assessing financial performance.
IDEX categorizes customers by geographic region utilizing the addresses to which the Company invoices its
products or services. The Company\u2019s product and service revenue by geographic region is as follows:
\n \n
Year Ended December 31,
($000s)
2023
2022
2021
Product Revenue:
Europe, Middle East, and Africa
$
3,029
$
3,574
$
2,807
Americas
975
252
0
Asia-Pacific
126
63
30
Total product revenue
4,131
3,889
2,837
Service Revenue:
Europe, Middle East, and Africa
2
10
3
Americas
\u2014
193
0
Asia-Pacific
6
0
\u2014
Total service revenue
8
203
3
Total Revenue
$
4,138
$
4,091
$
2,840
The Company\u2019s revenue has in the past come from a limited number of customers. During 2023, the top two
customers accounted for approximately 47% and 20% of the Company\u2019s revenue, respectively, and in 2022, the
top two customers accounted for 48% and 24% of revenue, respectively. In 2021, the top two customers
accounted for 85% and 9% of revenue, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2976": { "value": "4. Segment reporting
IDEX manages its operations as a single segment for the purposes of assessing performance and making
operating decisions. IDEX operates as one operating segment, fingerprint imaging and authentication
technology. IDEX has determined that its chief operating decision maker is its Chief Executive Officer. The
Company\u2019s chief operating decision maker reviews the Company\u2019s financial information on an aggregated basis
for the purposes of allocating resources and assessing financial performance.
IDEX categorizes customers by geographic region utilizing the addresses to which the Company invoices its
products or services. The Company\u2019s product and service revenue by geographic region is as follows:
\n \n
Year Ended December 31,
($000s)
2023
2022
2021
Product Revenue:
Europe, Middle East, and Africa
$
3,029
$
3,574
$
2,807
Americas
975
252
0
Asia-Pacific
126
63
30
Total product revenue
4,131
3,889
2,837
Service Revenue:
Europe, Middle East, and Africa
2
10
3
Americas
\u2014
193
0
Asia-Pacific
6
0
\u2014
Total service revenue
8
203
3
Total Revenue
$
4,138
$
4,091
$
2,840
The Company\u2019s revenue has in the past come from a limited number of customers. During 2023, the top two
customers accounted for approximately 47% and 20% of the Company\u2019s revenue, respectively, and in 2022, the
top two customers accounted for 48% and 24% of revenue, respectively. In 2021, the top two customers
accounted for 85% and 9% of revenue, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2977": { "value": "4. Segment reporting
IDEX manages its operations as a single segment for the purposes of assessing performance and making
operating decisions. IDEX operates as one operating segment, fingerprint imaging and authentication
technology. IDEX has determined that its chief operating decision maker is its Chief Executive Officer. The
Company\u2019s chief operating decision maker reviews the Company\u2019s financial information on an aggregated basis
for the purposes of allocating resources and assessing financial performance.
IDEX categorizes customers by geographic region utilizing the addresses to which the Company invoices its
products or services. The Company\u2019s product and service revenue by geographic region is as follows:
\n \n
Year Ended December 31,
($000s)
2023
2022
2021
Product Revenue:
Europe, Middle East, and Africa
$
3,029
$
3,574
$
2,807
Americas
975
252
0
Asia-Pacific
126
63
30
Total product revenue
4,131
3,889
2,837
Service Revenue:
Europe, Middle East, and Africa
2
10
3
Americas
\u2014
193
0
Asia-Pacific
6
0
\u2014
Total service revenue
8
203
3
Total Revenue
$
4,138
$
4,091
$
2,840
The Company\u2019s revenue has in the past come from a limited number of customers. During 2023, the top two
customers accounted for approximately 47% and 20% of the Company\u2019s revenue, respectively, and in 2022, the
top two customers accounted for 48% and 24% of revenue, respectively. In 2021, the top two customers
accounted for 85% and 9% of revenue, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3109": { "value": "5. Compensation and benefits
Compensation and benefits expenses consist of costs for direct employees of the Company. Compensation of
individual contractors is reported as Research and development expenses or Other operating expenses, as
applicable, based on the roles assigned to the individuals.
\n \n
Year Ended December 31,
($000s)
2023
2022
2021
Salary, payroll tax, benefits, other
$
13,026
$
17,389
$
18,197
Share-based compensation
1,280
1,824
2,910
Total
$
14,305
$
19,213
$
21,107
The table below sets forth the number of employees and individual contractors by their function, measured in
full-time equivalents. Most of the contractors live and work in countries in which the Company does not have a
formal business presence.
\n \n
December 31, 2023
December 31, 2022
December 31, 2021
Employees
Contractors
Employees
Contractors
Employees
Contractors
Research and development
53
5
64
6
77
8
Marketing and sales
4
11
6
9
6
9
General and administrative
5
2
5
2
8
1
Supply chain and distribution
7
\u2014
7
-
2
\u2014
Total staff
69
18
82
17
93
18
The average number of employees for the years 2023, 2022, and 2021 were 76, 90 and 95 full-time equivalents,
respectively.
The Company provides health and other benefits to employees consistent with common practice in the countries
in which it operates. No such benefits are provided to individual contractors.
The parent company contributes to a pension insurance plan for all its Norwegian employees. The plan satisfies
the Norwegian mandatory service pension rules. The pension plan is a fully insured, defined contribution plan.
Employees of IDEX America may participate in a health, dental, and vision insurance plan. IDEX America also
offers employer-funded plans for life insurance, short-term disability, and long-term disability. IDEX America
does not offer or plan to offer any pension plans, except for a 401(k) defined-contribution plan. The Company
currently does not match participant contributions to this plan.
IDEX China contributes to the mandatory social security plans in China, including contribution of 21% of
eligible salary to each employee\u2019s personal retirement fund.
IDEX UK contributes up to 6% of an employee participant\u2019s base salary to IDEX UK\u2019s pension plan, subject to
the employee contributing the same percentage through a salary reduction arrangement. The pension plan is a
fully insured, defined-contribution plan.
Share-based compensation includes non-cash expenses associated with the recognition of the costs of share-
based awards granted pursuant to the Company\u2019s subscription rights plans and its employee share purchase plan
(\u201cESPP\u201d). See Note 16.
Compensation of Key Management
In 2023 and 2022 key management consisted of the Chief Executive Officer (\u201cCEO\u201d), Chief Financial Officer
(\u201cCFO\u201d), Chief Technology Officer (\u201cCTO\u201d), and Chief Commercial Officer (\u201cCCO\u201d). In 2021, key
management consisted of the CEO, CFO, and CTO.
\n \n
Year Ended December 31,
2023
2022
2021
(in thousands)
Compensation and short-term benefits
$
1,487
$
1,362
$
1,425
Medical and similar benefits, contributions to pension schemes
52
62
73
Share-based compensation
221
271
443
Total compensation of key management
$
1,760
$
1,695
$
1,941
Compensation and other short-term benefits, whether cash or in kind, are the amounts declared for tax purposes
for the respective years. Pension cost and share-based remuneration are expensed amounts in the respective
years. Gains on exercise of incentive subscription rights, if any, are not included. Employers' tax is not included.
The variable incentive pay paid in one year relate to achievements in the previous year. No officers exercised
incentive subscription rights in 2023, 2022, or 2021.
Key management held the following subscription rights to Ordinary Shares under the subscription rights
incentive plans with the following expiration dates and exercise prices:
\n \n
Number outstanding as of December 31,
Exercise Price
Grant Date
Expiration Date
(NOK)
2023
2022
2021
August 14, 2019
May 9, 2024
8.25
327,800
327,800
327,800
February 26, 2020
May 9, 2024
5.55
5,000,000
5,000,000
5,000,000
June 17, 2020
May 15, 2025
8.55
1,125,000
1,125,000
1,125,000
April 20, 2021
May 15, 2025
13.55
2,750,000
June 3, 2021
May 12, 2026
11.90
2,000,000
2,000,000
2,000,000
August 11, 2021
May 12, 2026
12.00
1,420,700
1,420,700
1,668,100
March 23, 2022
May 12, 2026
10.40
836,900
836,900
August 10, 2022
May 12, 2027
5.90
1,631,000
1,631,000
August 11, 2023
May 23, 2028
3.40
3,761,800
November 8, 2023
May 23, 2028
2.30
500,000
Total
16,603,200
12,341,400
12,870,900
The table above reports the number of shares and other instruments as registered as of December 31, 2023, and
on earlier dates, i.e., before the 5:1 share consolidation (reverse split) taking effect on record date January 10,
2024. The incentive subscription rights plan has adjustment clauses so that the number of subscription rights and
the exercise prices are adjusted by the same ratio. See also notes 23 \u2013 Share-based compensation and 26 \u2013
Subsequent events. Compensation paid to the Board is presented in Note 17.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3110": { "value": "5. Compensation and benefits
Compensation and benefits expenses consist of costs for direct employees of the Company. Compensation of
individual contractors is reported as Research and development expenses or Other operating expenses, as
applicable, based on the roles assigned to the individuals.
\n \n
Year Ended December 31,
($000s)
2023
2022
2021
Salary, payroll tax, benefits, other
$
13,026
$
17,389
$
18,197
Share-based compensation
1,280
1,824
2,910
Total
$
14,305
$
19,213
$
21,107
The table below sets forth the number of employees and individual contractors by their function, measured in
full-time equivalents. Most of the contractors live and work in countries in which the Company does not have a
formal business presence.
\n \n
December 31, 2023
December 31, 2022
December 31, 2021
Employees
Contractors
Employees
Contractors
Employees
Contractors
Research and development
53
5
64
6
77
8
Marketing and sales
4
11
6
9
6
9
General and administrative
5
2
5
2
8
1
Supply chain and distribution
7
\u2014
7
-
2
\u2014
Total staff
69
18
82
17
93
18
The average number of employees for the years 2023, 2022, and 2021 were 76, 90 and 95 full-time equivalents,
respectively.
The Company provides health and other benefits to employees consistent with common practice in the countries
in which it operates. No such benefits are provided to individual contractors.
The parent company contributes to a pension insurance plan for all its Norwegian employees. The plan satisfies
the Norwegian mandatory service pension rules. The pension plan is a fully insured, defined contribution plan.
Employees of IDEX America may participate in a health, dental, and vision insurance plan. IDEX America also
offers employer-funded plans for life insurance, short-term disability, and long-term disability. IDEX America
does not offer or plan to offer any pension plans, except for a 401(k) defined-contribution plan. The Company
currently does not match participant contributions to this plan.
IDEX China contributes to the mandatory social security plans in China, including contribution of 21% of
eligible salary to each employee\u2019s personal retirement fund.
IDEX UK contributes up to 6% of an employee participant\u2019s base salary to IDEX UK\u2019s pension plan, subject to
the employee contributing the same percentage through a salary reduction arrangement. The pension plan is a
fully insured, defined-contribution plan.
Share-based compensation includes non-cash expenses associated with the recognition of the costs of share-
based awards granted pursuant to the Company\u2019s subscription rights plans and its employee share purchase plan
(\u201cESPP\u201d). See Note 16.
Compensation of Key Management
In 2023 and 2022 key management consisted of the Chief Executive Officer (\u201cCEO\u201d), Chief Financial Officer
(\u201cCFO\u201d), Chief Technology Officer (\u201cCTO\u201d), and Chief Commercial Officer (\u201cCCO\u201d). In 2021, key
management consisted of the CEO, CFO, and CTO.
\n \n
Year Ended December 31,
2023
2022
2021
(in thousands)
Compensation and short-term benefits
$
1,487
$
1,362
$
1,425
Medical and similar benefits, contributions to pension schemes
52
62
73
Share-based compensation
221
271
443
Total compensation of key management
$
1,760
$
1,695
$
1,941
Compensation and other short-term benefits, whether cash or in kind, are the amounts declared for tax purposes
for the respective years. Pension cost and share-based remuneration are expensed amounts in the respective
years. Gains on exercise of incentive subscription rights, if any, are not included. Employers' tax is not included.
The variable incentive pay paid in one year relate to achievements in the previous year. No officers exercised
incentive subscription rights in 2023, 2022, or 2021.
Key management held the following subscription rights to Ordinary Shares under the subscription rights
incentive plans with the following expiration dates and exercise prices:
\n \n
Number outstanding as of December 31,
Exercise Price
Grant Date
Expiration Date
(NOK)
2023
2022
2021
August 14, 2019
May 9, 2024
8.25
327,800
327,800
327,800
February 26, 2020
May 9, 2024
5.55
5,000,000
5,000,000
5,000,000
June 17, 2020
May 15, 2025
8.55
1,125,000
1,125,000
1,125,000
April 20, 2021
May 15, 2025
13.55
2,750,000
June 3, 2021
May 12, 2026
11.90
2,000,000
2,000,000
2,000,000
August 11, 2021
May 12, 2026
12.00
1,420,700
1,420,700
1,668,100
March 23, 2022
May 12, 2026
10.40
836,900
836,900
August 10, 2022
May 12, 2027
5.90
1,631,000
1,631,000
August 11, 2023
May 23, 2028
3.40
3,761,800
November 8, 2023
May 23, 2028
2.30
500,000
Total
16,603,200
12,341,400
12,870,900
The table above reports the number of shares and other instruments as registered as of December 31, 2023, and
on earlier dates, i.e., before the 5:1 share consolidation (reverse split) taking effect on record date January 10,
2024. The incentive subscription rights plan has adjustment clauses so that the number of subscription rights and
the exercise prices are adjusted by the same ratio. See also notes 23 \u2013 Share-based compensation and 26 \u2013
Subsequent events. Compensation paid to the Board is presented in Note 17.23. Share-based compensation
This note reports the number of shares and other instruments as registered as of December 31, 2023, and on
earlier dates, i.e., before the 5:1 share consolidation (reverse split) taking effect on record date January 10, 2024.
The incentive subscription rights plan has adjustment clauses so that the number of subscription rights and the
exercise prices are adjusted by the same ratio. See also note 26 \u2013 Subsequent events.
Subscription rights plans
IDEX follows the practice of renewing its subscription rights plan at each Annual General Meeting, when the
preceding plan is closed for further grants and a new plan is established. On May 23, 2023, the Annual General
Meeting resolved to adopt the 2023 Subscription Rights Incentive Plan (the \u201c2023 Plan\u201d). At the Extraordinary
General Meeting (\"EGM\") on December 21, 2023, the 2023 Plan was modified to allow a higher maximum
number of subscription rights granted, in line with the increase in the share capital in June and December 2023.
The Board is responsible for administration of subscription rights plans and approves grants under the plans and
the terms of each grant.
Under the amended 2023 Plan, the Board may grant up to 139,701,065 subscription rights, provided the total
number of outstanding subscription rights does not exceed 10 percent of the number of registered Ordinary
Shares.
Subscription rights may be granted to employees and individuals rendering services to the Company. The
exercise price shall be, at a minimum, the higher of the average closing price of an Ordinary Share, as reported
on the Oslo B\u00f8rs, for the ten trading days preceding the date of the grant, or the closing price of an Ordinary
Share, as reported on the Oslo B\u00f8rs, on the trading day preceding the date of the grant. The board may in cases of
particular circumstances decide that the exercise price is lower, but not less than the par value of the share. The
total number of outstanding such grants may not exceed 1 percent of the number of registered Ordinary Shares
Unless resolved otherwise by the Board, 25% of each grant of subscription rights vests per year. The annual
vesting dates are the latest of the following dates before the date of grant of the subscription rights; (i) January
15, (ii) April 15, (iii) July 15 or (iv) October 15. The subscription rights expire on the fifth anniversary of the
Annual General Meeting at which the shareholders resolved to establish the plan under which the subscription
rights were granted. Unvested subscription rights terminate on the holder\u2019s last day of employment or, in the case
of non-employees, the last day of the individual\u2019s service to the Company. Vested subscription rights may be
exercised up to 90 days after the holder\u2019s last day of employment. There are no cash settlement alternatives for
the holders of subscription rights.
The Company may elect to settle in cash.
The EGM also resolved that the board could issue replacement subscription rights (\"RSR\") at an exercise price
not lower than NOK 0.445 per share against waiver and cancellation of existing subscription rights. The vesting
schedule for such RSRs shall be determined by the board. No RSRs had been granted by December 31, 2023.
The fair value of the subscription rights granted is calculated, for recognition of share-based compensation
expenses, using the Black-Scholes option pricing model, applying the following assumptions:
\n \n
Year Ended December 31,
2023
2022
2021
Exercise price (NOK)
0.15 \u2013 0.93
1.03 \u2013 2.08
2.38 \u2013 3.10
Weighted average exercise price per share
1.43
1.54
2.53
Weighted average share price at date of grant
0.69
1.42
2.45
Expected term (years)
4.67
4.45
4.62
Weighted average term (years)
3.01
3.27
3.35
Share price volatility (percent)
69 \u2013 93
72 \u2013 100
85 \u2013 112
Risk-free interest rate
3.88%
2.65%
0.98%
Expected dividend payment
-
-
-
Forfeiture
None
None
None
Subscription rights activity
\n \n
2023
2022
Weighted
Weighted
Number of
Average
Number of
Average
Subscription
Exercise Price
Subscription
Exercise Price
Rights
(NOK)
Rights
(NOK)
Outstanding as of January 1
81,106,631
1.74
71,756,399
1.84
Granted
22,475,200
0.49
19,342,900
1.54
Exercised
(824,021
)
0.15
(930,184
)
0.29
Terminated
(7,327,449
)
1.84
(8,987,484
)
2.25
Expired
(595,700
)
4.97
(75,000
)
8.42
Outstanding as of December 31
94,834,661
1.42
81,106,631
1.74
Subscription rights exercisable as of December 31
50,694,011
1.67
36,416,302
1.65
\n \n
Weighted
Weighted
Average Fair
Average Fair
Number of
Value (NOK)
Number of
Value (NOK)
Subscription
per Subscr.
Subscription
per Subscr.
Rights
Right
Rights
Right
Subscription rights granted in the year
22,475,200
0.45
19,342,900
0.82
Composition of outstanding and exercisable subscription rights at December 31, 2023
\n \n
Outstanding
Subscription Rights
Vested (Exercisable) Subscription Rights
Weighted
Weighted
Number of
Weighted
Weighted
Average
Number of
Weighted
Average
Subscription
Average
Average
Remaining
Vested
Average
Remaining
Rights
Exercise
Remaining
Time to
Subscription
Exercise
Term
Exercise Price (in NOK)
Outstanding
Price (NOK)
Term (Years)
Vest (Years)
Rights
Price (NOK)
(Years)
0.00 - 0.49
11,663,861
0.16
3.38
1.08
2,662,861
0.15
0.36
0.50 - 0.99
13,755,300
0.70
4.11
1.98
420,800
0.71
0.36
1.00 - 1.49
15,749,000
1.13
2.29
1.35
6,750,350
1.12
1.51
1.50 - 1.99
32,657,600
1.70
1.16
0.66
31,666,100
1.70
1.15
2.00 - 2.49
15,545,600
2.28
2.37
1.01
6,450,400
2.33
2.37
2.50 - 2.99
4,864,000
2.65
2.37
1.29
2,432,000
2.65
2.37
3.00 - 4.99
599,300
3.12
1.33
0.54
311,500
3.15
1.30
5.00 - 9.99
\u2014
0.00
0.00
0.00
\u2014
-
0.00
Total
94,834,661
1.43
2.31
1.39
50,694,011
1.67
1.37
Composition of outstanding and exercisable subscription rights at December 31, 2022
\n \n
Outstanding
Subscription Rights
Vested (Exercisable) Subscription Rights
Weighted
Weighted
Number of
Weighted
Weighted
Average
Number of
Weighted
Average
Subscription
Average
Average
Remaining
Vested
Average
Remaining
Rights
Exercise
Remaining
Time to
Subscription
Exercise
Term
Exercise Price (in NOK)
Outstanding
Price (NOK)
Term (Years)
Vest (Years)
Rights
Price (NOK)
(Years)
0.00 - 0.49
3,486,882
0.15
1.36
0.00
3,486,882
0.15
1.35
0.50 - 0.99
720,800
0.71
1.36
0.22
515,600
0.71
0.97
1.00 - 1.49
16,507,000
1.14
3.34
1.48
2,759,850
1.11
0.68
1.50 - 1.99
36,300,174
1.70
2.15
0.16
24,589,220
1.70
1.42
2.00 - 2.49
17,218,050
2.28
3.37
1.27
2,732,625
2.40
0.87
2.50 - 2.99
5,412,900
2.65
3.37
1.34
1,353,225
3
0.84
3.00 - 4.99
960,825
3.34
1.96
0.48
479,200
3.52
0.79
5.00 - 9.99
500,000
5.10
0.36
0.00
500,000
5.10
0.35
Total
81,106,631
1.74
2.68
0.74
36,416,602
1.65
1.27
Employee Share Purchase Plan
The Employee Share Purchase Plan (\u201cESPP\u201d) is revolved each year at the Annual General Meeting. The current
ESPP was approved at the 2023 Annual General Meeting. Under the ESPP, an IDEX employee based in Norway,
the United Kingdom, or the United States may contribute up to 20% of his or her annual base salary, through
payroll deductions, toward periodic purchases of new issue Ordinary Shares. Under the ESPP, an option for the
purchase of an Ordinary Share is granted to a participating employees on the first day of a 6-months' \u201coffering
period\u201d to purchase new issued Ordinary Shares at the end of that offering period at a purchase price equal to
85% of the lesser of the fair market value, based on the closing price of an Ordinary Share reported by the Oslo
B\u00f8rs, on either the first day or the last day of that offering period. The offering periods occur from March
through August, and from September through February. The shares are not restricted.
The ESPP is intended to qualify as an \u201cemployee stock purchase plan\u201d under Section 423 of the U.S. Internal
Revenue Code, thereby affording certain tax advantages to employees who are taxpayers in the United States.
There are no tax advantages for ESPP participants who are taxpayers in Norway or the United Kingdom.
The share-based remuneration cost of the ESPP is calculated at the start of each contribution period, and
amortized over that period. The cost is based on the contribution amount and amounts to the discount of 15% at
the beginning of the period, plus the option value of an 85% call and 15% put option granted at the beginning of
the period. The option value is based on a Black-Scholes option pricing model applying prevailing interest rates
and share price volatility at the beginning of the period.
\n \n
ESPP cost calculation parameters
September 1, 2023
March 1, 2023
September 1, 2022
Expected contribution amount (NOK 1,000)
532
1,078
2,025
Share price on start date (NOK per share)
0.64
0.96
0.83
Share price volatility
59
%
80
%
68
%
Risk-free interest rate
4.24
%
3.20
%
2.82
%
Expected dividend payment
\u2014
\u2014
\u2014
Expected number of shares
972,698
1,321,462
2,854,899
Share-based compensation cost per expected share
0.23
0.40
0.32
In the two offering periods completed within 2023, an average of 28 employees (2022: 43) participated in the
ESPP and purchased a total of 4,583,947 Ordinary Shares at a weighted average price of NOK 0.64 (2022:
4,947,546 shares at average NOK 1.08 per share).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3111": { "value": "5. Compensation and benefits
Compensation and benefits expenses consist of costs for direct employees of the Company. Compensation of
individual contractors is reported as Research and development expenses or Other operating expenses, as
applicable, based on the roles assigned to the individuals.
\n \n
Year Ended December 31,
($000s)
2023
2022
2021
Salary, payroll tax, benefits, other
$
13,026
$
17,389
$
18,197
Share-based compensation
1,280
1,824
2,910
Total
$
14,305
$
19,213
$
21,107
The table below sets forth the number of employees and individual contractors by their function, measured in
full-time equivalents. Most of the contractors live and work in countries in which the Company does not have a
formal business presence.
\n \n
December 31, 2023
December 31, 2022
December 31, 2021
Employees
Contractors
Employees
Contractors
Employees
Contractors
Research and development
53
5
64
6
77
8
Marketing and sales
4
11
6
9
6
9
General and administrative
5
2
5
2
8
1
Supply chain and distribution
7
\u2014
7
-
2
\u2014
Total staff
69
18
82
17
93
18
The average number of employees for the years 2023, 2022, and 2021 were 76, 90 and 95 full-time equivalents,
respectively.
The Company provides health and other benefits to employees consistent with common practice in the countries
in which it operates. No such benefits are provided to individual contractors.
The parent company contributes to a pension insurance plan for all its Norwegian employees. The plan satisfies
the Norwegian mandatory service pension rules. The pension plan is a fully insured, defined contribution plan.
Employees of IDEX America may participate in a health, dental, and vision insurance plan. IDEX America also
offers employer-funded plans for life insurance, short-term disability, and long-term disability. IDEX America
does not offer or plan to offer any pension plans, except for a 401(k) defined-contribution plan. The Company
currently does not match participant contributions to this plan.
IDEX China contributes to the mandatory social security plans in China, including contribution of 21% of
eligible salary to each employee\u2019s personal retirement fund.
IDEX UK contributes up to 6% of an employee participant\u2019s base salary to IDEX UK\u2019s pension plan, subject to
the employee contributing the same percentage through a salary reduction arrangement. The pension plan is a
fully insured, defined-contribution plan.
Share-based compensation includes non-cash expenses associated with the recognition of the costs of share-
based awards granted pursuant to the Company\u2019s subscription rights plans and its employee share purchase plan
(\u201cESPP\u201d). See Note 16.
Compensation of Key Management
In 2023 and 2022 key management consisted of the Chief Executive Officer (\u201cCEO\u201d), Chief Financial Officer
(\u201cCFO\u201d), Chief Technology Officer (\u201cCTO\u201d), and Chief Commercial Officer (\u201cCCO\u201d). In 2021, key
management consisted of the CEO, CFO, and CTO.
\n \n
Year Ended December 31,
2023
2022
2021
(in thousands)
Compensation and short-term benefits
$
1,487
$
1,362
$
1,425
Medical and similar benefits, contributions to pension schemes
52
62
73
Share-based compensation
221
271
443
Total compensation of key management
$
1,760
$
1,695
$
1,941
Compensation and other short-term benefits, whether cash or in kind, are the amounts declared for tax purposes
for the respective years. Pension cost and share-based remuneration are expensed amounts in the respective
years. Gains on exercise of incentive subscription rights, if any, are not included. Employers' tax is not included.
The variable incentive pay paid in one year relate to achievements in the previous year. No officers exercised
incentive subscription rights in 2023, 2022, or 2021.
Key management held the following subscription rights to Ordinary Shares under the subscription rights
incentive plans with the following expiration dates and exercise prices:
\n \n
Number outstanding as of December 31,
Exercise Price
Grant Date
Expiration Date
(NOK)
2023
2022
2021
August 14, 2019
May 9, 2024
8.25
327,800
327,800
327,800
February 26, 2020
May 9, 2024
5.55
5,000,000
5,000,000
5,000,000
June 17, 2020
May 15, 2025
8.55
1,125,000
1,125,000
1,125,000
April 20, 2021
May 15, 2025
13.55
2,750,000
June 3, 2021
May 12, 2026
11.90
2,000,000
2,000,000
2,000,000
August 11, 2021
May 12, 2026
12.00
1,420,700
1,420,700
1,668,100
March 23, 2022
May 12, 2026
10.40
836,900
836,900
August 10, 2022
May 12, 2027
5.90
1,631,000
1,631,000
August 11, 2023
May 23, 2028
3.40
3,761,800
November 8, 2023
May 23, 2028
2.30
500,000
Total
16,603,200
12,341,400
12,870,900
The table above reports the number of shares and other instruments as registered as of December 31, 2023, and
on earlier dates, i.e., before the 5:1 share consolidation (reverse split) taking effect on record date January 10,
2024. The incentive subscription rights plan has adjustment clauses so that the number of subscription rights and
the exercise prices are adjusted by the same ratio. See also notes 23 \u2013 Share-based compensation and 26 \u2013
Subsequent events. Compensation paid to the Board is presented in Note 17.", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3186": { "value": "The table below sets forth the number of employees and individual contractors by their function, measured in
full-time equivalents. Most of the contractors live and work in countries in which the Company does not have a
formal business presence.
\n \n
December 31, 2023
December 31, 2022
December 31, 2021
Employees
Contractors
Employees
Contractors
Employees
Contractors
Research and development
53
5
64
6
77
8
Marketing and sales
4
11
6
9
6
9
General and administrative
5
2
5
2
8
1
Supply chain and distribution
7
\u2014
7
-
2
\u2014
Total staff
69
18
82
17
93
18
The average number of employees for the years 2023, 2022, and 2021 were 76, 90 and 95 full-time equivalents,
respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3308": { "value": "Compensation of Key Management
In 2023 and 2022 key management consisted of the Chief Executive Officer (\u201cCEO\u201d), Chief Financial Officer
(\u201cCFO\u201d), Chief Technology Officer (\u201cCTO\u201d), and Chief Commercial Officer (\u201cCCO\u201d). In 2021, key
management consisted of the CEO, CFO, and CTO.
\n \n
Year Ended December 31,
2023
2022
2021
(in thousands)
Compensation and short-term benefits
$
1,487
$
1,362
$
1,425
Medical and similar benefits, contributions to pension schemes
52
62
73
Share-based compensation
221
271
443
Total compensation of key management
$
1,760
$
1,695
$
1,941
Compensation and other short-term benefits, whether cash or in kind, are the amounts declared for tax purposes
for the respective years. Pension cost and share-based remuneration are expensed amounts in the respective
years. Gains on exercise of incentive subscription rights, if any, are not included. Employers' tax is not included.
The variable incentive pay paid in one year relate to achievements in the previous year. No officers exercised
incentive subscription rights in 2023, 2022, or 2021.
Key management held the following subscription rights to Ordinary Shares under the subscription rights
incentive plans with the following expiration dates and exercise prices:
\n \n
Number outstanding as of December 31,
Exercise Price
Grant Date
Expiration Date
(NOK)
2023
2022
2021
August 14, 2019
May 9, 2024
8.25
327,800
327,800
327,800
February 26, 2020
May 9, 2024
5.55
5,000,000
5,000,000
5,000,000
June 17, 2020
May 15, 2025
8.55
1,125,000
1,125,000
1,125,000
April 20, 2021
May 15, 2025
13.55
2,750,000
June 3, 2021
May 12, 2026
11.90
2,000,000
2,000,000
2,000,000
August 11, 2021
May 12, 2026
12.00
1,420,700
1,420,700
1,668,100
March 23, 2022
May 12, 2026
10.40
836,900
836,900
August 10, 2022
May 12, 2027
5.90
1,631,000
1,631,000
August 11, 2023
May 23, 2028
3.40
3,761,800
November 8, 2023
May 23, 2028
2.30
500,000
Total
16,603,200
12,341,400
12,870,900
The table above reports the number of shares and other instruments as registered as of December 31, 2023, and
on earlier dates, i.e., before the 5:1 share consolidation (reverse split) taking effect on record date January 10,
2024. The incentive subscription rights plan has adjustment clauses so that the number of subscription rights and
the exercise prices are adjusted by the same ratio. See also notes 23 \u2013 Share-based compensation and 26 \u2013
Subsequent events. Compensation paid to the Board is presented in Note 17.24. Related party transactions
The Company\u2019s significant shareholders, Board members, and management, as well as their related parties, are
considered related parties of the Company.
Compensation of key management is disclosed in Note 5 \u2013 Compensation and benefits.
Board compensation
Board compensation is paid in arrears after being approved by the shareholders, generally at the Annual General
Meeting. The following amounts were paid in 2023, 2022 and 2021:
\n \n
Year Ended December 31, 2023
Cash
Shared-based
($000s)
Compensation
Compensation
Total
Lawrence J. Ciaccia, Board chair
$
48
$
\u2014
$
48
Deborah Davis
62
\u2014
62
Hanne Hovding
50
\u2014
50
Annika Olsson
40
\u2014
40
Morten Opstad
48
\u2014
48
Thomas M. Quindlen
50
\u2014
50
Stephen A. Skaggs
57
\u2014
57
$
355
$
\u2014
$
355
\n \n
Year Ended December 31, 2022
Cash
Shared-based
($000s)
Compensation
Compensation
Total
Morten Opstad, Board chair
$
53
$
\u2014
$
53
Lawrence J. Ciaccia, Board deputy chair
53
\u2014
53
Deborah Davis
68
\u2014
68
Hanne Hovding
55
\u2014
55
Annika Olsson
44
\u2014
44
Thomas M. Quindlen
55
\u2014
55
Stephen A. Skaggs
62
0
62
$
390
$
0
$
390
\n \n
Year Ended December 31, 2021
Cash
Shared-based
($000s)
Compensation
Compensation
Total
Morten Opstad, Board chair
$
59
$
\u2014
$
59
Lawrence J. Ciaccia, Board deputy chair
28
33
61
Deborah Davis
67
0
67
Hanne Hovding
52
\u2014
52
Stephen A. Skaggs
4
58
62
$
124
$
70
$
194
Outstanding subscription rights awarded to members of the Board under the Company\u2019s subscription rights plans
have the following expiration dates and exercise prices. For further information describing these plans, see Note
16 \u2013 Share-based compensation.
\n \n
Subscription rights outstanding as
of December 31,
Exercise Price
Grant Date
Expiration Date
(NOK per share)
2023
2022
2021
June 17, 2020
May 15, 2025
8.55
120,000
120,000
120,000
The subscription rights were originally granted on August 15, 2018. They were replaced by the grant on June 17,
2020, as part of an exchange of subscription rights approved at the 2020 Annual General Meeting. This exchange
was offered to all eligible holders.
Nomination Committee
The following fees has been paid to the nomination committee in 2023 and 2022 for the services up to the 2023
annual general meeting and the 2022 annual general meeting, respectively.2023: Chair Robert Keith $2.4
thousand
, members H\u00e5vard Nilsson and Harald Voigt $1.4
thousand
each. 2022: Chair Robert Keith $
2.6
thousand
, members H\u00e5vard Nilsson and Harald Voigt $
1.6 thousand
each.
Related party transactions
Lawrence J. Ciaccia, board member 2015-2023, and chair since May 23, 2023, provides consulting services to
IDEX. The fees paid to Mr. Ciaccia for his services totaled $50 thousand in 2023, $58 thousand in 2022, and $65
thousand in 2021.
Morten Opstad, Board, chair 1997-2023 and board member since May 23, 2023, is a partner at R\u00e6der Bing
advokatfirma AS, the Company\u2019s primary law firm, which provided services to the Company resulting in
charges of $172 thousand in 2023, $234 thousand in 2022, and $338 thousand in 2021.
In connection with the private placements in May and November 2023, the Company entered into a share lending
agreement with certain shareholders in order to facilitate settlement of the new shares in the private placements.
As a fixed fee for the share lending, each lender received a fee equaling 5% per annum of the subscription price
per new share in the private placement multiplied by the number of borrowed shares lent by the respective
lender. The fees paid amounted to $0.7 thousand to Alden AS, $1.3 thousand to Mr. Robert Keith, $7.8 thousand
to Sundt AS, and $2.7 thousand to Sundvall Holding AS.
There were no overdue balances with any related parties at the end of 2023, 2022 or 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3309": { "value": "Compensation of Key Management
In 2023 and 2022 key management consisted of the Chief Executive Officer (\u201cCEO\u201d), Chief Financial Officer
(\u201cCFO\u201d), Chief Technology Officer (\u201cCTO\u201d), and Chief Commercial Officer (\u201cCCO\u201d). In 2021, key
management consisted of the CEO, CFO, and CTO.
\n \n
Year Ended December 31,
2023
2022
2021
(in thousands)
Compensation and short-term benefits
$
1,487
$
1,362
$
1,425
Medical and similar benefits, contributions to pension schemes
52
62
73
Share-based compensation
221
271
443
Total compensation of key management
$
1,760
$
1,695
$
1,941
Compensation and other short-term benefits, whether cash or in kind, are the amounts declared for tax purposes
for the respective years. Pension cost and share-based remuneration are expensed amounts in the respective
years. Gains on exercise of incentive subscription rights, if any, are not included. Employers' tax is not included.
The variable incentive pay paid in one year relate to achievements in the previous year. No officers exercised
incentive subscription rights in 2023, 2022, or 2021.
Key management held the following subscription rights to Ordinary Shares under the subscription rights
incentive plans with the following expiration dates and exercise prices:
\n \n
Number outstanding as of December 31,
Exercise Price
Grant Date
Expiration Date
(NOK)
2023
2022
2021
August 14, 2019
May 9, 2024
8.25
327,800
327,800
327,800
February 26, 2020
May 9, 2024
5.55
5,000,000
5,000,000
5,000,000
June 17, 2020
May 15, 2025
8.55
1,125,000
1,125,000
1,125,000
April 20, 2021
May 15, 2025
13.55
2,750,000
June 3, 2021
May 12, 2026
11.90
2,000,000
2,000,000
2,000,000
August 11, 2021
May 12, 2026
12.00
1,420,700
1,420,700
1,668,100
March 23, 2022
May 12, 2026
10.40
836,900
836,900
August 10, 2022
May 12, 2027
5.90
1,631,000
1,631,000
August 11, 2023
May 23, 2028
3.40
3,761,800
November 8, 2023
May 23, 2028
2.30
500,000
Total
16,603,200
12,341,400
12,870,900
The table above reports the number of shares and other instruments as registered as of December 31, 2023, and
on earlier dates, i.e., before the 5:1 share consolidation (reverse split) taking effect on record date January 10,
2024. The incentive subscription rights plan has adjustment clauses so that the number of subscription rights and
the exercise prices are adjusted by the same ratio. See also notes 23 \u2013 Share-based compensation and 26 \u2013
Subsequent events. Compensation paid to the Board is presented in Note 17.24. Related party transactions
The Company\u2019s significant shareholders, Board members, and management, as well as their related parties, are
considered related parties of the Company.
Compensation of key management is disclosed in Note 5 \u2013 Compensation and benefits.
Board compensation
Board compensation is paid in arrears after being approved by the shareholders, generally at the Annual General
Meeting. The following amounts were paid in 2023, 2022 and 2021:
\n \n
Year Ended December 31, 2023
Cash
Shared-based
($000s)
Compensation
Compensation
Total
Lawrence J. Ciaccia, Board chair
$
48
$
\u2014
$
48
Deborah Davis
62
\u2014
62
Hanne Hovding
50
\u2014
50
Annika Olsson
40
\u2014
40
Morten Opstad
48
\u2014
48
Thomas M. Quindlen
50
\u2014
50
Stephen A. Skaggs
57
\u2014
57
$
355
$
\u2014
$
355
\n \n
Year Ended December 31, 2022
Cash
Shared-based
($000s)
Compensation
Compensation
Total
Morten Opstad, Board chair
$
53
$
\u2014
$
53
Lawrence J. Ciaccia, Board deputy chair
53
\u2014
53
Deborah Davis
68
\u2014
68
Hanne Hovding
55
\u2014
55
Annika Olsson
44
\u2014
44
Thomas M. Quindlen
55
\u2014
55
Stephen A. Skaggs
62
0
62
$
390
$
0
$
390
\n \n
Year Ended December 31, 2021
Cash
Shared-based
($000s)
Compensation
Compensation
Total
Morten Opstad, Board chair
$
59
$
\u2014
$
59
Lawrence J. Ciaccia, Board deputy chair
28
33
61
Deborah Davis
67
0
67
Hanne Hovding
52
\u2014
52
Stephen A. Skaggs
4
58
62
$
124
$
70
$
194
Outstanding subscription rights awarded to members of the Board under the Company\u2019s subscription rights plans
have the following expiration dates and exercise prices. For further information describing these plans, see Note
16 \u2013 Share-based compensation.
\n \n
Subscription rights outstanding as
of December 31,
Exercise Price
Grant Date
Expiration Date
(NOK per share)
2023
2022
2021
June 17, 2020
May 15, 2025
8.55
120,000
120,000
120,000
The subscription rights were originally granted on August 15, 2018. They were replaced by the grant on June 17,
2020, as part of an exchange of subscription rights approved at the 2020 Annual General Meeting. This exchange
was offered to all eligible holders.
Nomination Committee
The following fees has been paid to the nomination committee in 2023 and 2022 for the services up to the 2023
annual general meeting and the 2022 annual general meeting, respectively.2023: Chair Robert Keith $2.4
thousand
, members H\u00e5vard Nilsson and Harald Voigt $1.4
thousand
each. 2022: Chair Robert Keith $
2.6
thousand
, members H\u00e5vard Nilsson and Harald Voigt $
1.6 thousand
each.
Related party transactions
Lawrence J. Ciaccia, board member 2015-2023, and chair since May 23, 2023, provides consulting services to
IDEX. The fees paid to Mr. Ciaccia for his services totaled $50 thousand in 2023, $58 thousand in 2022, and $65
thousand in 2021.
Morten Opstad, Board, chair 1997-2023 and board member since May 23, 2023, is a partner at R\u00e6der Bing
advokatfirma AS, the Company\u2019s primary law firm, which provided services to the Company resulting in
charges of $172 thousand in 2023, $234 thousand in 2022, and $338 thousand in 2021.
In connection with the private placements in May and November 2023, the Company entered into a share lending
agreement with certain shareholders in order to facilitate settlement of the new shares in the private placements.
As a fixed fee for the share lending, each lender received a fee equaling 5% per annum of the subscription price
per new share in the private placement multiplied by the number of borrowed shares lent by the respective
lender. The fees paid amounted to $0.7 thousand to Alden AS, $1.3 thousand to Mr. Robert Keith, $7.8 thousand
to Sundt AS, and $2.7 thousand to Sundvall Holding AS.
There were no overdue balances with any related parties at the end of 2023, 2022 or 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3579": { "value": "6. Research and development expenses
Research costs are expensed when incurred. Development costs are capitalized and held in the balance sheet only
if they satisfy the criteria for capitalization. The same applies to IDEX\u2019s patents and other intellectual property
rights created by IDEX. IDEX has not capitalized any development costs in 2023, 2022 or 2021. Development
costs related to creation of intellectual property have been expensed when incurred.
Research and development expenses include the cost of independent contractors assigned to engineering roles.
Government grants recognized by the Company in support of research and development activities are credited
against research and development costs when it is realistic that the application or claim will be successful and the
amount can be determined reliably.
\n \n
Year Ended December 31,
($000s)
2023
2022
2021
Gross research and development expenses
$
3,495
$
3,959
$
3,356
Government grants credited
(1,102
)
(709
)
(676
)
Net research and development expenses
$
2,393
$
3,250
$
2,680
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3580": { "value": "6. Research and development expenses
Research costs are expensed when incurred. Development costs are capitalized and held in the balance sheet only
if they satisfy the criteria for capitalization. The same applies to IDEX\u2019s patents and other intellectual property
rights created by IDEX. IDEX has not capitalized any development costs in 2023, 2022 or 2021. Development
costs related to creation of intellectual property have been expensed when incurred.
Research and development expenses include the cost of independent contractors assigned to engineering roles.
Government grants recognized by the Company in support of research and development activities are credited
against research and development costs when it is realistic that the application or claim will be successful and the
amount can be determined reliably.
\n \n
Year Ended December 31,
($000s)
2023
2022
2021
Gross research and development expenses
$
3,495
$
3,959
$
3,356
Government grants credited
(1,102
)
(709
)
(676
)
Net research and development expenses
$
2,393
$
3,250
$
2,680
7. Government grants
\n \n
Year Ended December 31,
($000s)
2023
2022
2021
Norway
$
480
$
312
$
538
United Kingdom
622
397
138
Total
$
1,102
$
709
$
676
The Norwegian SkatteFUNN is a government program supporting research and development activities in
Norway. Under the program, the Company, in its current loss position, is eligible for a cash grant in support of
approved projects, subject to meeting the requirements of the Research Council of Norway.
The Company\u2019s IDEX UK subsidiary participates in a program by which the government of the United Kingdom
offers financial support for qualifying research and development activities of small and medium-sized
enterprises, SME R&D tax relief. Under the program, the Company, in its current loss position, is eligible for a
cash grant in support of approved projects, subject to approvals and meeting program requirements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3714": { "value": "8. Audit and audit fees
The following table sets out the aggregate fees related to professional services rendered by the Company\u2019s
independent auditor, Ernst & Young AS (\u201cEY\u201d), for the calendar years 2023, 2022, and 2021:
\n \n
Year Ended December 31,
($000s)
2023
2022
2021
Audit services
$
176
$
447
$
352
Audit-related services
37
43
22
Tax services
8
7
7
Other services
-
4
24
$
221
$
501
$
405
Audit services
represents the fees for the audit that must be performed by EY in order to issue an opinion on the
Company\u2019s consolidated financial statements and to issue reports on the Company\u2019s statutory financial
statements. The definition also includes fees for certain other audit services, which are services only the
designated independent auditor reasonably can provide, such as the auditing of non-recurring transactions, the
application of new accounting policies, and limited reviews of quarterly financial results.
Audit-related services
represents fees for other assurance and related services provided by EY, but not limited to
those that only reasonably can be provided by EY, which are reasonably related to the performance of the audit.
Tax services
represent fees, approved by our Audit Committee, for tax services not related to the audit provided
by EY.
Other services
represent other fees, approved by our Audit Committee, for services not related to the audit
provided by EY.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3799": { "value": "9. Income tax
The Company is subject to income taxes in the jurisdictions in which it operates. The Company\u2019s provision for
income taxes (i.e., expense (benefit)) is based on income tax rates in the tax jurisdictions in which it operates, tax
credits available in these jurisdictions, and reconciliation of differences between financial reporting values and
tax reporting values.
As of December 31, 2023, the Company has a tax loss carryforward balance in Norway of $271.7 million,
representing a potential deferred tax asset, if recognized and calculated at the current corporate tax rate of 22.0%,
of $59.7 million. The Company also has a tax loss carryforward balance in the United Kingdom of $4.5 million,
representing a potential deferred tax asset, if recognized and calculated at the current corporate tax rate of 19.0%,
of $0.9 million. The Company does not have a tax loss carryforward balance or a deferred tax liability in China.
In the United States, the Company expects returns of prepayments totaling $60 thousand.
Because the Company has concluded there is not sufficiently convincing evidence the Company will generate
sufficient taxable profit, against which the unused tax losses could be applied, the Company has not recognized
to date any deferred tax assets in its statement of financial position, consistent with IFRS standards. A deferred
tax asset will be recognized when the Company determines it is more likely than not it will have sufficient future
taxable profit to apply the tax loss carryforward against future income taxes.
The major components of income tax provision for the years shown are:
\n \n
Tax expense (benefit) for the year
Year Ended December 31,
($000s)
2023
2022
2021
Taxes payable on the result of the year
$
\u2014
$
33
$
90
Adjustment in respect to prior years
(16
)
(69
)
\u2014
Change in recorded deferred tax liability
\u2014
\u2014
\u2014
Income tax expense (benefit)
$
(16
)
$
(36
)
$
90
Elements of deferred tax
\n \n
Year Ended December 31,
($000s)
2023
2022
2021
Employer\u2019s tax on share-based compensation
$
(19
)
$
(24
)
$
(371
)
Fixed Assets differences
882
987
1,154
Inventory differences
(869
)
(131
)
(5
)
Accruals differences
(13
)
(993
)
(1,152
)
Research and development tax credits
(496
)
(1,404
)
(1,563
)
Losses carried forward
(271,675
)
(256,201
)
(253,300
)
Basis for calculation of deferred tax asset
(272,190
)
(257,766
)
(255,237
)
Calculated net deferred tax expense (benefit), local tax rates 5-
22%
(59,743
)
(56,592
)
(55,953
)
Unrecognized deferred tax asset *
59,743
56,592
55,953
Deferred tax liability (asset) in the balance sheet
$
\u2014
$
\u2014
$
\u2014
Reconciliation of tax expense (benefit)
\n \n
Year Ended December 31,
($000s)
2023
2022
2021
Loss before tax
$
(26,644
)
$
(32,698
)
$
(32,552
)
Norway statutory tax, calculated at rate of 22%
(5,862
)
(7,194
)
(7,132
)
Difference in subsidiary taxes, using local rates vs 22%
46
68
(179
)
Estimated tax on permanent differences
(468
)
(267
)
(568
)
Adjustment in respect of prior years
(16
)
(69
)
\u2014
Use of and change in tax loss carried forward
6,316
7,426
7,969
Income tax expense (benefit)
$
16
$
(36
)
$
90
* As of December 31, 2023, there was not sufficiently convincing evidence the Company will generate sufficient
taxable profit, against which the unused tax losses could be applied. Consequently, no deferred tax asset has been
recognized. There are no restrictions as to how long tax losses may be carried forward in Norway or the United
Kingdom. In China, the tax loss carryforwards that had not been utilized by the end of 2022, expired as of Dec 31,
2022. Tax credits associated with research and development activities in the United States, totaling $1.4 million as of
December 31, 2023, can be applied against taxable income for the following for 20 years.
** The various deferred tax assets that have not been recognized are denominated in their respective local currencies.
As such, the change in the year-end value in USD of these unrecognized deferred tax assets includes foreign currency
translation adjustments arising from changes in the exchange rates between USD and these local currencies from the
prior year-end.
There are no deferred tax charges included in other comprehensive income in 2023, 2022, or 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3895": { "value": "Elements of deferred tax \n \n
Year Ended December 31,
($000s)
2023
2022
2021
Employer\u2019s tax on share-based compensation
$
(19
)
$
(24
)
$
(371
)
Fixed Assets differences
882
987
1,154
Inventory differences
(869
)
(131
)
(5
)
Accruals differences
(13
)
(993
)
(1,152
)
Research and development tax credits
(496
)
(1,404
)
(1,563
)
Losses carried forward
(271,675
)
(256,201
)
(253,300
)
Basis for calculation of deferred tax asset
(272,190
)
(257,766
)
(255,237
)
Calculated net deferred tax expense (benefit), local tax rates 5-
22%
(59,743
)
(56,592
)
(55,953
)
Unrecognized deferred tax asset *
59,743
56,592
55,953
Deferred tax liability (asset) in the balance sheet
$
\u2014
$
\u2014
$
\u2014
Reconciliation of tax expense (benefit)
\n \n
Year Ended December 31,
($000s)
2023
2022
2021
Loss before tax
$
(26,644
)
$
(32,698
)
$
(32,552
)
Norway statutory tax, calculated at rate of 22%
(5,862
)
(7,194
)
(7,132
)
Difference in subsidiary taxes, using local rates vs 22%
46
68
(179
)
Estimated tax on permanent differences
(468
)
(267
)
(568
)
Adjustment in respect of prior years
(16
)
(69
)
\u2014
Use of and change in tax loss carried forward
6,316
7,426
7,969
Income tax expense (benefit)
$
16
$
(36
)
$
90
* As of December 31, 2023, there was not sufficiently convincing evidence the Company will generate sufficient
taxable profit, against which the unused tax losses could be applied. Consequently, no deferred tax asset has been
recognized. There are no restrictions as to how long tax losses may be carried forward in Norway or the United
Kingdom. In China, the tax loss carryforwards that had not been utilized by the end of 2022, expired as of Dec 31,
2022. Tax credits associated with research and development activities in the United States, totaling $1.4 million as of
December 31, 2023, can be applied against taxable income for the following for 20 years.
** The various deferred tax assets that have not been recognized are denominated in their respective local currencies.
As such, the change in the year-end value in USD of these unrecognized deferred tax assets includes foreign currency
translation adjustments arising from changes in the exchange rates between USD and these local currencies from the
prior year-end.
There are no deferred tax charges included in other comprehensive income in 2023, 2022, or 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4145": { "value": "10. Loss per share calculation
A 5:1 share consolidation (reverse split) was completed at record date January 10, 2024. The per share
calculations for all periods presented here are based on the new number of shares.
The profit or loss per share is calculated by dividing the profit (loss) for the period by the weighted average
number of ordinary shares outstanding for the period. Loss per share is calculated per basic share (i.e., without
consideration for the anti-dilutive effect of exercisable subscription rights).
\n \n
Year Ended December 31,
2023
2022
2021
Net loss for the year ($000s)
$
(26,629
)
$
(32,662
)
$
(32,552
)
Number of ordinary shares issued at December 31
279,402,130
233,265,317
202,077,691
Weighted average basic number of ordinary shares
253,042,411
205,386,514
183,769,485
Dilution effect (treasury stock method)
1,037,665
1,011,631
4,317,222
Weighted average diluted number of shares
254,080,076
206,398,145
188,086,707
Loss per share for the year (basic and diluted*)
$
(0.11
)
$
(0.16
)
$
(0.18
)
* The effects of potentially dilutive Ordinary Shares issuable upon exercise of outstanding subscription rights are not
included in the calculation due to the Company\u2019s net losses for the periods presented, as their effect would be anti-
dilutive.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4252": { "value": "11. Goodwill and other intangible assets
Goodwill is the recorded difference between the consideration paid and the net value of identifiable assets
acquired and held, less impairment charges, if any. Goodwill balances as of December 31, 2023, and December
31, 2022, reflected the following activity:
\n \n
Year Ended December 31,
($000s)
2023
2022
Cost at the beginning of the year
$
968
$
968
Cost at the end of the year
$
968
$
968
There is only one cash generating unit in the Company and goodwill is allocated to this. IDEX performed the
annual impairment test on December 31, 2023. Based on the 2023 assessment, no impairment charge has been
made. The Company used a discounted cash flow model which utilized Level 3 measures that represent
unobservable inputs. Key assumptions used to determine the estimated fair value include: (a) internal cash flows
forecasts for 4 years following the assessment date, including expected revenue growth, costs to produce,
operating profit margins and estimated capital needs; (b) an estimated terminal value using a terminal year long-
term future growth rate of 3.0% determined based on the long-term expected prospects of the Company; and (c)
a discount rate (post-tax) of 12 % which reflects the weighted-average cost of capital adjusted for the relevant
risk associated with the Company's operations. A stress-test with reasonably possible changes in the key
assumptions does not indicate that the carrying amount will exceed the recoverable amount.
Acquired identifiable intangible assets, consisting primarily of patents, are held at cost, less accumulated
amortization and impairment charges. Other intangible asset balances as of December 31, 2023, and December
31, 2022, reflected the following activity:
\n \n
Year Ended December 31,
($000s)
2023
2022
Amortization period (straight-line, in years)
10 - 17
10 - 17
Cost at the beginning of the year
$
5,173
$
5,173
Additions
\u2014
\u2014
Impact of currency translation
\u2014
\u2014
Cost at the end of the year
$
5,173
$
5,173
Accumulated Amortization at the beginning of the year
$
3,685
$
3,208
Amortization
477
477
Impact of currency translation
\u2014
\u2014
Accumulated Amortization at the end of the year
4,162
3,685
Carrying amount at the end of the year
$
1,011
$
1,488
Acquired patents are capitalized and amortized over the estimated useful life, which is the lifetime of the
respective patent(s).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4253": { "value": "11. Goodwill and other intangible assets
Goodwill is the recorded difference between the consideration paid and the net value of identifiable assets
acquired and held, less impairment charges, if any. Goodwill balances as of December 31, 2023, and December
31, 2022, reflected the following activity:
\n \n
Year Ended December 31,
($000s)
2023
2022
Cost at the beginning of the year
$
968
$
968
Cost at the end of the year
$
968
$
968
There is only one cash generating unit in the Company and goodwill is allocated to this. IDEX performed the
annual impairment test on December 31, 2023. Based on the 2023 assessment, no impairment charge has been
made. The Company used a discounted cash flow model which utilized Level 3 measures that represent
unobservable inputs. Key assumptions used to determine the estimated fair value include: (a) internal cash flows
forecasts for 4 years following the assessment date, including expected revenue growth, costs to produce,
operating profit margins and estimated capital needs; (b) an estimated terminal value using a terminal year long-
term future growth rate of 3.0% determined based on the long-term expected prospects of the Company; and (c)
a discount rate (post-tax) of 12 % which reflects the weighted-average cost of capital adjusted for the relevant
risk associated with the Company's operations. A stress-test with reasonably possible changes in the key
assumptions does not indicate that the carrying amount will exceed the recoverable amount.
Acquired identifiable intangible assets, consisting primarily of patents, are held at cost, less accumulated
amortization and impairment charges. Other intangible asset balances as of December 31, 2023, and December
31, 2022, reflected the following activity:
\n \n
Year Ended December 31,
($000s)
2023
2022
Amortization period (straight-line, in years)
10 - 17
10 - 17
Cost at the beginning of the year
$
5,173
$
5,173
Additions
\u2014
\u2014
Impact of currency translation
\u2014
\u2014
Cost at the end of the year
$
5,173
$
5,173
Accumulated Amortization at the beginning of the year
$
3,685
$
3,208
Amortization
477
477
Impact of currency translation
\u2014
\u2014
Accumulated Amortization at the end of the year
4,162
3,685
Carrying amount at the end of the year
$
1,011
$
1,488
Acquired patents are capitalized and amortized over the estimated useful life, which is the lifetime of the
respective patent(s).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4254": { "value": "11. Goodwill and other intangible assets
Goodwill is the recorded difference between the consideration paid and the net value of identifiable assets
acquired and held, less impairment charges, if any. Goodwill balances as of December 31, 2023, and December
31, 2022, reflected the following activity:
\n \n
Year Ended December 31,
($000s)
2023
2022
Cost at the beginning of the year
$
968
$
968
Cost at the end of the year
$
968
$
968
There is only one cash generating unit in the Company and goodwill is allocated to this. IDEX performed the
annual impairment test on December 31, 2023. Based on the 2023 assessment, no impairment charge has been
made. The Company used a discounted cash flow model which utilized Level 3 measures that represent
unobservable inputs. Key assumptions used to determine the estimated fair value include: (a) internal cash flows
forecasts for 4 years following the assessment date, including expected revenue growth, costs to produce,
operating profit margins and estimated capital needs; (b) an estimated terminal value using a terminal year long-
term future growth rate of 3.0% determined based on the long-term expected prospects of the Company; and (c)
a discount rate (post-tax) of 12 % which reflects the weighted-average cost of capital adjusted for the relevant
risk associated with the Company's operations. A stress-test with reasonably possible changes in the key
assumptions does not indicate that the carrying amount will exceed the recoverable amount.
Acquired identifiable intangible assets, consisting primarily of patents, are held at cost, less accumulated
amortization and impairment charges. Other intangible asset balances as of December 31, 2023, and December
31, 2022, reflected the following activity:
\n \n
Year Ended December 31,
($000s)
2023
2022
Amortization period (straight-line, in years)
10 - 17
10 - 17
Cost at the beginning of the year
$
5,173
$
5,173
Additions
\u2014
\u2014
Impact of currency translation
\u2014
\u2014
Cost at the end of the year
$
5,173
$
5,173
Accumulated Amortization at the beginning of the year
$
3,685
$
3,208
Amortization
477
477
Impact of currency translation
\u2014
\u2014
Accumulated Amortization at the end of the year
4,162
3,685
Carrying amount at the end of the year
$
1,011
$
1,488
Acquired patents are capitalized and amortized over the estimated useful life, which is the lifetime of the
respective patent(s).", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4255": { "value": "11. Goodwill and other intangible assets
Goodwill is the recorded difference between the consideration paid and the net value of identifiable assets
acquired and held, less impairment charges, if any. Goodwill balances as of December 31, 2023, and December
31, 2022, reflected the following activity:
\n \n
Year Ended December 31,
($000s)
2023
2022
Cost at the beginning of the year
$
968
$
968
Cost at the end of the year
$
968
$
968
There is only one cash generating unit in the Company and goodwill is allocated to this. IDEX performed the
annual impairment test on December 31, 2023. Based on the 2023 assessment, no impairment charge has been
made. The Company used a discounted cash flow model which utilized Level 3 measures that represent
unobservable inputs. Key assumptions used to determine the estimated fair value include: (a) internal cash flows
forecasts for 4 years following the assessment date, including expected revenue growth, costs to produce,
operating profit margins and estimated capital needs; (b) an estimated terminal value using a terminal year long-
term future growth rate of 3.0% determined based on the long-term expected prospects of the Company; and (c)
a discount rate (post-tax) of 12 % which reflects the weighted-average cost of capital adjusted for the relevant
risk associated with the Company's operations. A stress-test with reasonably possible changes in the key
assumptions does not indicate that the carrying amount will exceed the recoverable amount.
Acquired identifiable intangible assets, consisting primarily of patents, are held at cost, less accumulated
amortization and impairment charges. Other intangible asset balances as of December 31, 2023, and December
31, 2022, reflected the following activity:
\n \n
Year Ended December 31,
($000s)
2023
2022
Amortization period (straight-line, in years)
10 - 17
10 - 17
Cost at the beginning of the year
$
5,173
$
5,173
Additions
\u2014
\u2014
Impact of currency translation
\u2014
\u2014
Cost at the end of the year
$
5,173
$
5,173
Accumulated Amortization at the beginning of the year
$
3,685
$
3,208
Amortization
477
477
Impact of currency translation
\u2014
\u2014
Accumulated Amortization at the end of the year
4,162
3,685
Carrying amount at the end of the year
$
1,011
$
1,488
Acquired patents are capitalized and amortized over the estimated useful life, which is the lifetime of the
respective patent(s).
12. Property, plant, and equipment
Property, plant, and equipment is held at cost, less accumulated depreciation and impairment charges. When
assets are sold or retired, such assets are no longer recorded in the Consolidated Statements of Financial Position.
Any gain or loss on the sale or retirement is recognized in the Consolidated Statements of Profit and Loss.
The capitalized amount of property, plant, and equipment is the purchase price, including freight, installation,
duties, taxes, and direct acquisition costs related to preparing the asset for use. Costs related to training and
commissioning are expensed as incurred. Subsequent costs, such as expenses for repair and maintenance, are
recognized as incurred in the Consolidated Statements of Profit and Loss. Subsequent enhancements creating
future economic benefits are recognized in the Consolidated Statements of Financial Position as additions to
property, plant, and equipment.
These assets are depreciated using the straight-line method over each asset\u2019s useful life. The depreciation period
and method are assessed each year to ensure that the method and period used is consistent with the status of the
non-current asset.
Property, plant, and equipment balances as of December 31, 2023, and December 31, 2022, reflected the
following activity:
\n \n
Instruments
Plant and
Office
and lab
machinery,
furniture and
equipment,
2023
fixtures and
office
software
($000s)
fittings
equipment
tools
Total
Depreciation period (straight line, in years)
3-5
3-5
3-5
Accumulated cost at December 31, 2022
$
969
$
803
$
2,348
$
4,120
Additions or (disposals)
177
2
66
245
Disposals
\u2014
(18
)
(108
)
(126
)
Impact of currency translation
2
8
23
33
Accumulated cost at December 31, 2023
969
803
2,348
4,271
Accumulated depreciation at December 31, 2022
$
486
$
734
$
1,793
$
3,012
Depreciation
272
40
236
548
Impact of currency translation
1
(11
)
(91
)
(101
)
Accumulated depreciation at December 31, 2023
759
764
1,937
3,459
Carrying amount at December 31, 2023
$
210
$
39
$
411
$
811
\n \n
Instruments
Plant and
Office
and lab
machinery,
furniture and
equipment,
2022
fixtures and
office
software
($000s)
fittings
equipment
tools
Total
Depreciation period (straight line, in years)
3-5
3-5
3-5
Accumulated cost at December 31, 2021
$
855
$
782
$
2,281
$
3,918
Additions
125
38
104
267
Impact of currency translation
(11
)
(18
)
(37
)
(66
)
Accumulated cost at December 31, 2022
969
803
2,348
4,120
Accumulated depreciation at December 31, 2021
$
367
$
671
$
1,579
$
2,617
Depreciation
125
73
246
443
Impact of currency translation
(6
)
(10
)
(33
)
(48
)
Accumulated depreciation at December 31, 2022
486
734
1,793
3,012
Carrying amount at December 31, 2022
$
483
$
69
$
556
$
1,107
There were no assets under construction at the end of 2023 or 2022.
13. Leases
The Company\u2019s leases are for office and laboratory space occupied by employees and contractors. There is no
exposure to future variable lease payments that are not reflected in the measurement of lease liabilities. Activity
during 2023 and 2022 related to right-of-use assets are shown below.
\n \n
Year Ended December 31,
($000s)
2023
2022
Depreciation periods (straight-line, in years)
3-5
3-5
Cost at the beginning of the year
$
2,643
$
2,691
Additions
844
1,654
Disposal of right to use assets
\u2014
(1,569
)
Impact of currency translation
\u2014
(133
)
Cost at the end of the year
$
3,487
$
2,643
Accumulated depreciation at the beginning of the year
$
1,098
$
2,334
Depreciation
610
431
Accumulated depreciation of disposed right of use assets
\u2014
(1,566
)
Impact of currency translation
\u2014
(101
)
Accumulated depreciation at the end of the year
1,708
1,098
Recorded value at the end of the year
$
1,779
$
1,545
Costs related to right-of-use assets included in the Consolidated Statements of Profit and Loss include the
following:
Leases in the Consolidated Statements of Profit and Loss
\n \n
Year Ended December 31,
($000s)
2023
2022
2021
Depreciation
$
610
$
431
$
818
Finance cost
130
33
31
Lease liabilities included in the Consolidated Statements of Financial Position and related activity in the
Consolidated Statements of Profit and Loss and Consolidated Statements of Cash Flows include the following:
Leases in the Consolidated Statements of Financial Position
\n \n
($000s)
2023
2022
Balance at January 1
$
1,544
$
373
Additions
844
1,575
Accretion of interest
130
33
Payments
(739
)
(437
)
Balance at December 31
1,779
1,544
Non-current
1,238
1,142
Current
624
402
Total lease liabilities
$
1,862
$
1,544
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4402": { "value": "12. Property, plant, and equipment
Property, plant, and equipment is held at cost, less accumulated depreciation and impairment charges. When
assets are sold or retired, such assets are no longer recorded in the Consolidated Statements of Financial Position.
Any gain or loss on the sale or retirement is recognized in the Consolidated Statements of Profit and Loss.
The capitalized amount of property, plant, and equipment is the purchase price, including freight, installation,
duties, taxes, and direct acquisition costs related to preparing the asset for use. Costs related to training and
commissioning are expensed as incurred. Subsequent costs, such as expenses for repair and maintenance, are
recognized as incurred in the Consolidated Statements of Profit and Loss. Subsequent enhancements creating
future economic benefits are recognized in the Consolidated Statements of Financial Position as additions to
property, plant, and equipment.
These assets are depreciated using the straight-line method over each asset\u2019s useful life. The depreciation period
and method are assessed each year to ensure that the method and period used is consistent with the status of the
non-current asset.
Property, plant, and equipment balances as of December 31, 2023, and December 31, 2022, reflected the
following activity:
\n \n
Instruments
Plant and
Office
and lab
machinery,
furniture and
equipment,
2023
fixtures and
office
software
($000s)
fittings
equipment
tools
Total
Depreciation period (straight line, in years)
3-5
3-5
3-5
Accumulated cost at December 31, 2022
$
969
$
803
$
2,348
$
4,120
Additions or (disposals)
177
2
66
245
Disposals
\u2014
(18
)
(108
)
(126
)
Impact of currency translation
2
8
23
33
Accumulated cost at December 31, 2023
969
803
2,348
4,271
Accumulated depreciation at December 31, 2022
$
486
$
734
$
1,793
$
3,012
Depreciation
272
40
236
548
Impact of currency translation
1
(11
)
(91
)
(101
)
Accumulated depreciation at December 31, 2023
759
764
1,937
3,459
Carrying amount at December 31, 2023
$
210
$
39
$
411
$
811
\n \n
Instruments
Plant and
Office
and lab
machinery,
furniture and
equipment,
2022
fixtures and
office
software
($000s)
fittings
equipment
tools
Total
Depreciation period (straight line, in years)
3-5
3-5
3-5
Accumulated cost at December 31, 2021
$
855
$
782
$
2,281
$
3,918
Additions
125
38
104
267
Impact of currency translation
(11
)
(18
)
(37
)
(66
)
Accumulated cost at December 31, 2022
969
803
2,348
4,120
Accumulated depreciation at December 31, 2021
$
367
$
671
$
1,579
$
2,617
Depreciation
125
73
246
443
Impact of currency translation
(6
)
(10
)
(33
)
(48
)
Accumulated depreciation at December 31, 2022
486
734
1,793
3,012
Carrying amount at December 31, 2022
$
483
$
69
$
556
$
1,107
There were no assets under construction at the end of 2023 or 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4801": { "value": "13. Leases
The Company\u2019s leases are for office and laboratory space occupied by employees and contractors. There is no
exposure to future variable lease payments that are not reflected in the measurement of lease liabilities. Activity
during 2023 and 2022 related to right-of-use assets are shown below.
\n \n
Year Ended December 31,
($000s)
2023
2022
Depreciation periods (straight-line, in years)
3-5
3-5
Cost at the beginning of the year
$
2,643
$
2,691
Additions
844
1,654
Disposal of right to use assets
\u2014
(1,569
)
Impact of currency translation
\u2014
(133
)
Cost at the end of the year
$
3,487
$
2,643
Accumulated depreciation at the beginning of the year
$
1,098
$
2,334
Depreciation
610
431
Accumulated depreciation of disposed right of use assets
\u2014
(1,566
)
Impact of currency translation
\u2014
(101
)
Accumulated depreciation at the end of the year
1,708
1,098
Recorded value at the end of the year
$
1,779
$
1,545
Costs related to right-of-use assets included in the Consolidated Statements of Profit and Loss include the
following:
Leases in the Consolidated Statements of Profit and Loss
\n \n
Year Ended December 31,
($000s)
2023
2022
2021
Depreciation
$
610
$
431
$
818
Finance cost
130
33
31
Lease liabilities included in the Consolidated Statements of Financial Position and related activity in the
Consolidated Statements of Profit and Loss and Consolidated Statements of Cash Flows include the following:
Leases in the Consolidated Statements of Financial Position
\n \n
($000s)
2023
2022
Balance at January 1
$
1,544
$
373
Additions
844
1,575
Accretion of interest
130
33
Payments
(739
)
(437
)
Balance at December 31
1,779
1,544
Non-current
1,238
1,142
Current
624
402
Total lease liabilities
$
1,862
$
1,544
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5045": { "value": "14. Accounts receivable
Accounts receivable, trade, includes amounts billed and currently due from customers. The amounts due are
stated at their estimated realizable value. The Company\u2019s payment terms vary by the type and location of its
customers and the products or services offered, although terms generally include a requirement of payment
within 30 to 60 days. When necessary, the Company maintains allowances for doubtful accounts for estimated
losses resulting from the inability of its customers to make required payments, based on assessments of
customers\u2019 credit-risk profiles and payment histories. If the financial condition of the Company\u2019s customers were
to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be
required. The Company does not require collateral from its customers, although there have been circumstances
when the Company has required cash in advance (i.e., a partial down-payment) to facilitate orders in excess of a
customer\u2019s established credit limit. To date, such amounts have not been material.
Expected credit loss accrued for at the end of 2023 was 144 thousand, no loss was expected for 2022. There were
no other provisions for expected credit losses in 2023 and 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5046": { "value": "14. Accounts receivable
Accounts receivable, trade, includes amounts billed and currently due from customers. The amounts due are
stated at their estimated realizable value. The Company\u2019s payment terms vary by the type and location of its
customers and the products or services offered, although terms generally include a requirement of payment
within 30 to 60 days. When necessary, the Company maintains allowances for doubtful accounts for estimated
losses resulting from the inability of its customers to make required payments, based on assessments of
customers\u2019 credit-risk profiles and payment histories. If the financial condition of the Company\u2019s customers were
to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be
required. The Company does not require collateral from its customers, although there have been circumstances
when the Company has required cash in advance (i.e., a partial down-payment) to facilitate orders in excess of a
customer\u2019s established credit limit. To date, such amounts have not been material.
Expected credit loss accrued for at the end of 2023 was 144 thousand, no loss was expected for 2022. There were
no other provisions for expected credit losses in 2023 and 2022.
The balances reported as Accounts receivable, other, consist primarily of amounts due to the Company
associated with Value Added Tax refund activity and amounts due to the Company from governments associated
with approved research and development grants.
Balances of accounts receivable at December 31, 2023, and December 31, 2022, are as follows:
Year ended December 31, 2023
Maturity
Less than 3
($000s)
months
3-6 months
6-12 Months
Total
Accounts receivable, trade
$
979
$
\u2014
$
\u2014
$
979
Accounts receivable, other
90
392
467
949
Total
$
1,069
$
392
$
467
$
1,928
Year ended December 31, 2022
Maturity
Less than 3
($000s)
months
3-6 months
6-12 Months
Total
Accounts receivable, trade
$
1,349
$
0
$
0
$
1,349
Accounts receivable, other
198
33
698
929
Total
$
1,547
$
33
$
698
$
2,278
15. Other current and non-current financial assets
Non-current receivables
December 31,
($000s)
2023
2022
Non-current receivables
$
81
$
73
Balance at December 31
$
81
$
73
The receivables are deposits for leasehold payments and are held at nominal value.
IDEX Biometrics ASA had no contingent assets at the end of 2023 or 2022.21. Restricted assets
For office leases, the parent company and subsidiaries have placed an amount corresponding to about 3 months\u2019
rent and allocations of its leasehold facilities in an escrow account in landlords name for the benefit of the
landlord. Such escrow accounts and other deposits amounted to $81 thousand at the end of 2023 and $73
thousand at the end of 2022 in non-current receivables. No other assets have been pledged as security or are
otherwise restricted.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5057": { "value": "The Company does not require collateral from its customers, although there have been circumstances
when the Company has required cash in advance (i.e., a partial down-payment) to facilitate orders in excess of a
customer\u2019s established credit limit. To date, such amounts have not been material.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5215": { "value": "15. Other current and non-current financial assets
Non-current receivables
December 31,
($000s)
2023
2022
Non-current receivables
$
81
$
73
Balance at December 31
$
81
$
73
The receivables are deposits for leasehold payments and are held at nominal value.
IDEX Biometrics ASA had no contingent assets at the end of 2023 or 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5216": { "value": "15. Other current and non-current financial assets
Non-current receivables
December 31,
($000s)
2023
2022
Non-current receivables
$
81
$
73
Balance at December 31
$
81
$
73
The receivables are deposits for leasehold payments and are held at nominal value.
IDEX Biometrics ASA had no contingent assets at the end of 2023 or 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5217": { "value": "15. Other current and non-current financial assets
Non-current receivables
December 31,
($000s)
2023
2022
Non-current receivables
$
81
$
73
Balance at December 31
$
81
$
73
The receivables are deposits for leasehold payments and are held at nominal value.
IDEX Biometrics ASA had no contingent assets at the end of 2023 or 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5259": { "value": "16. Accounts payable and other financial liabilities
Except for the convertible debt in note 17 \u2013 Convertible debt, the Company\u2019s payable and other financial
liabilities
at December 31, 2023, and December 31, 2022, were as follows:
Year ended December 31, 2023
Maturity
Less
than
6-12
($000s)
3 months
3-6 months
months
1-5 years
Total
Non-current lease liabilities
$
\u2014
$
\u2014
$
\u2014
$
1,238
$
1,238
Accounts payable
688
\u2014
\u2014
\u2014
688
Current lease liabilities
146
148
331
\u2014
624
Other liabilities
782
760
9,254
\u2014
10,796
Total
$
1,615
$
908
$
9,585
$
1,238
$
13,346
Year ended December 31, 2022
Maturity
Less
than
6-12
($000s)
3 months
3-6 months
months
1-5 years
Total
Non-current lease liabilities
$
\u2014
$
\u2014
$
\u2014
$
1,142
$
1,142
Accounts payable
1,540
\u2014
\u2014
\u2014
1,540
Current lease liabilities
125
105
172
\u2014
402
Other liabilities
838
1,400
459
\u2014
2,697
Total
$
2,503
$
1,505
$
631
$
1,142
$
5,781
Other current liabilities include accruals for earned compensation, earned vacation days not taken, potential
employer\u2019s tax on share-based compensation, and accruals for goods and services received but not yet invoiced
by the supplier.
Other current liabilities include the estimated employer\u2019s payroll tax liability related to share-based
compensation amounted to $19 thousand on December 31, 2023, and $24 thousand on December 31, 2022. It
will be due only when the associated subscription rights are exercised. The exercise will, in all likely
circumstances, fund the payable employer\u2019s payroll tax.
Interest expense including interest on lease liabilities in the Consolidated Statement of Profit and Loss in Finance
expense was $136 thousand in 2023 and $34 thousand in 2022.
Except for the convertible debt in note 17 \u2013 Convertible debt, IDEX had no other significant current or non-
current monetary obligations at the end of 2023 or 2022. The Company had no contingent liabilities at the end of
2023 or 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5260": { "value": "16. Accounts payable and other financial liabilities
Except for the convertible debt in note 17 \u2013 Convertible debt, the Company\u2019s payable and other financial
liabilities
at December 31, 2023, and December 31, 2022, were as follows:
Year ended December 31, 2023
Maturity
Less
than
6-12
($000s)
3 months
3-6 months
months
1-5 years
Total
Non-current lease liabilities
$
\u2014
$
\u2014
$
\u2014
$
1,238
$
1,238
Accounts payable
688
\u2014
\u2014
\u2014
688
Current lease liabilities
146
148
331
\u2014
624
Other liabilities
782
760
9,254
\u2014
10,796
Total
$
1,615
$
908
$
9,585
$
1,238
$
13,346
Year ended December 31, 2022
Maturity
Less
than
6-12
($000s)
3 months
3-6 months
months
1-5 years
Total
Non-current lease liabilities
$
\u2014
$
\u2014
$
\u2014
$
1,142
$
1,142
Accounts payable
1,540
\u2014
\u2014
\u2014
1,540
Current lease liabilities
125
105
172
\u2014
402
Other liabilities
838
1,400
459
\u2014
2,697
Total
$
2,503
$
1,505
$
631
$
1,142
$
5,781
Other current liabilities include accruals for earned compensation, earned vacation days not taken, potential
employer\u2019s tax on share-based compensation, and accruals for goods and services received but not yet invoiced
by the supplier.
Other current liabilities include the estimated employer\u2019s payroll tax liability related to share-based
compensation amounted to $19 thousand on December 31, 2023, and $24 thousand on December 31, 2022. It
will be due only when the associated subscription rights are exercised. The exercise will, in all likely
circumstances, fund the payable employer\u2019s payroll tax.
Interest expense including interest on lease liabilities in the Consolidated Statement of Profit and Loss in Finance
expense was $136 thousand in 2023 and $34 thousand in 2022.
Except for the convertible debt in note 17 \u2013 Convertible debt, IDEX had no other significant current or non-
current monetary obligations at the end of 2023 or 2022. The Company had no contingent liabilities at the end of
2023 or 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5261": { "value": "16. Accounts payable and other financial liabilities
Except for the convertible debt in note 17 \u2013 Convertible debt, the Company\u2019s payable and other financial
liabilities
at December 31, 2023, and December 31, 2022, were as follows:
Year ended December 31, 2023
Maturity
Less
than
6-12
($000s)
3 months
3-6 months
months
1-5 years
Total
Non-current lease liabilities
$
\u2014
$
\u2014
$
\u2014
$
1,238
$
1,238
Accounts payable
688
\u2014
\u2014
\u2014
688
Current lease liabilities
146
148
331
\u2014
624
Other liabilities
782
760
9,254
\u2014
10,796
Total
$
1,615
$
908
$
9,585
$
1,238
$
13,346
Year ended December 31, 2022
Maturity
Less
than
6-12
($000s)
3 months
3-6 months
months
1-5 years
Total
Non-current lease liabilities
$
\u2014
$
\u2014
$
\u2014
$
1,142
$
1,142
Accounts payable
1,540
\u2014
\u2014
\u2014
1,540
Current lease liabilities
125
105
172
\u2014
402
Other liabilities
838
1,400
459
\u2014
2,697
Total
$
2,503
$
1,505
$
631
$
1,142
$
5,781
Other current liabilities include accruals for earned compensation, earned vacation days not taken, potential
employer\u2019s tax on share-based compensation, and accruals for goods and services received but not yet invoiced
by the supplier.
Other current liabilities include the estimated employer\u2019s payroll tax liability related to share-based
compensation amounted to $19 thousand on December 31, 2023, and $24 thousand on December 31, 2022. It
will be due only when the associated subscription rights are exercised. The exercise will, in all likely
circumstances, fund the payable employer\u2019s payroll tax.
Interest expense including interest on lease liabilities in the Consolidated Statement of Profit and Loss in Finance
expense was $136 thousand in 2023 and $34 thousand in 2022.
Except for the convertible debt in note 17 \u2013 Convertible debt, IDEX had no other significant current or non-
current monetary obligations at the end of 2023 or 2022. The Company had no contingent liabilities at the end of
2023 or 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5262": { "value": "16. Accounts payable and other financial liabilities
Except for the convertible debt in note 17 \u2013 Convertible debt, the Company\u2019s payable and other financial
liabilities
at December 31, 2023, and December 31, 2022, were as follows:
Year ended December 31, 2023
Maturity
Less
than
6-12
($000s)
3 months
3-6 months
months
1-5 years
Total
Non-current lease liabilities
$
\u2014
$
\u2014
$
\u2014
$
1,238
$
1,238
Accounts payable
688
\u2014
\u2014
\u2014
688
Current lease liabilities
146
148
331
\u2014
624
Other liabilities
782
760
9,254
\u2014
10,796
Total
$
1,615
$
908
$
9,585
$
1,238
$
13,346
Year ended December 31, 2022
Maturity
Less
than
6-12
($000s)
3 months
3-6 months
months
1-5 years
Total
Non-current lease liabilities
$
\u2014
$
\u2014
$
\u2014
$
1,142
$
1,142
Accounts payable
1,540
\u2014
\u2014
\u2014
1,540
Current lease liabilities
125
105
172
\u2014
402
Other liabilities
838
1,400
459
\u2014
2,697
Total
$
2,503
$
1,505
$
631
$
1,142
$
5,781
Other current liabilities include accruals for earned compensation, earned vacation days not taken, potential
employer\u2019s tax on share-based compensation, and accruals for goods and services received but not yet invoiced
by the supplier.
Other current liabilities include the estimated employer\u2019s payroll tax liability related to share-based
compensation amounted to $19 thousand on December 31, 2023, and $24 thousand on December 31, 2022. It
will be due only when the associated subscription rights are exercised. The exercise will, in all likely
circumstances, fund the payable employer\u2019s payroll tax.
Interest expense including interest on lease liabilities in the Consolidated Statement of Profit and Loss in Finance
expense was $136 thousand in 2023 and $34 thousand in 2022.
Except for the convertible debt in note 17 \u2013 Convertible debt, IDEX had no other significant current or non-
current monetary obligations at the end of 2023 or 2022. The Company had no contingent liabilities at the end of
2023 or 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5263": { "value": "16. Accounts payable and other financial liabilities
Except for the convertible debt in note 17 \u2013 Convertible debt, the Company\u2019s payable and other financial
liabilities
at December 31, 2023, and December 31, 2022, were as follows:
Year ended December 31, 2023
Maturity
Less
than
6-12
($000s)
3 months
3-6 months
months
1-5 years
Total
Non-current lease liabilities
$
\u2014
$
\u2014
$
\u2014
$
1,238
$
1,238
Accounts payable
688
\u2014
\u2014
\u2014
688
Current lease liabilities
146
148
331
\u2014
624
Other liabilities
782
760
9,254
\u2014
10,796
Total
$
1,615
$
908
$
9,585
$
1,238
$
13,346
Year ended December 31, 2022
Maturity
Less
than
6-12
($000s)
3 months
3-6 months
months
1-5 years
Total
Non-current lease liabilities
$
\u2014
$
\u2014
$
\u2014
$
1,142
$
1,142
Accounts payable
1,540
\u2014
\u2014
\u2014
1,540
Current lease liabilities
125
105
172
\u2014
402
Other liabilities
838
1,400
459
\u2014
2,697
Total
$
2,503
$
1,505
$
631
$
1,142
$
5,781
Other current liabilities include accruals for earned compensation, earned vacation days not taken, potential
employer\u2019s tax on share-based compensation, and accruals for goods and services received but not yet invoiced
by the supplier.
Other current liabilities include the estimated employer\u2019s payroll tax liability related to share-based
compensation amounted to $19 thousand on December 31, 2023, and $24 thousand on December 31, 2022. It
will be due only when the associated subscription rights are exercised. The exercise will, in all likely
circumstances, fund the payable employer\u2019s payroll tax.
Interest expense including interest on lease liabilities in the Consolidated Statement of Profit and Loss in Finance
expense was $136 thousand in 2023 and $34 thousand in 2022.
Except for the convertible debt in note 17 \u2013 Convertible debt, IDEX had no other significant current or non-
current monetary obligations at the end of 2023 or 2022. The Company had no contingent liabilities at the end of
2023 or 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5528": { "value": "Interest expense including interest on lease liabilities in the Consolidated Statement of Profit and Loss in Finance expense was $136 thousand in 2023 and $34 thousand in 2022.During 2023, the Company recognized a gain on revaluation of the embedded derivative of approximately NOK 887 thousand that was recorded in financial income, and recorded interest expense of NOK 217 thousand.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5529": { "value": "Interest expense including interest on lease liabilities in the Consolidated Statement of Profit and Loss in Finance expense was $136 thousand in 2023 and $34 thousand in 2022.During 2023, the Company recognized a gain on revaluation of the embedded derivative of approximately NOK 887 thousand that was recorded in financial income, and recorded interest expense of NOK 217 thousand.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5530": { "value": "Interest expense including interest on lease liabilities in the Consolidated Statement of Profit and Loss in Finance expense was $136 thousand in 2023 and $34 thousand in 2022.During 2023, the Company recognized a gain on revaluation of the embedded derivative of approximately NOK 887 thousand that was recorded in financial income, and recorded interest expense of NOK 217 thousand.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5531": { "value": "Interest expense including interest on lease liabilities in the Consolidated Statement of Profit and Loss in Finance expense was $136 thousand in 2023 and $34 thousand in 2022.During 2023, the Company recognized a gain on revaluation of the embedded derivative of approximately NOK 887 thousand that was recorded in financial income, and recorded interest expense of NOK 217 thousand.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5538": { "value": "Except for the convertible debt in note 17 \u2013 Convertible debt, IDEX had no other significant current or non-
current monetary obligations at the end of 2023 or 2022. The Company had no contingent liabilities at the end of
2023 or 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5549": { "value": "17. Convertible debt \n \n
December 31,
Amounts in USD 1,000
Interest rate
Maturity
2023
Convertible bond
6%
Bimonthly amortization until June 28, 2027
Convertible debt
$
5,076
Embedded derivative
3,545
Total:
$
8,621
In December 2023, IDEX entered into a convertible debt financing agreement. The Company issued NOK 100
million in convertible bonds at 6.0% interest p.a. The Company received NOK 92 million after deduction of the
issue discount. The debt will be redeemed every two months in 21 equal installments of NOK 4.8 million plus
accrued interest. The lender can request up to two additional installments to be paid in each period between the
planned term dates. The loan is denominated in NOK. Transactions and balance amounts are reported in USD at
the exchange rates at the respective dates.
The bond holder may elect to convert the outstanding loans into IDEX ordinary shares at any time prior to
repayment at a conversion price of NOK 3.655, which was 125% of the Reference Share Price at December 22,
2023, when taking into account the 5:1 share consolidation (reverse split) was effective on the record date of
January 10, 2024. This share consolidation was approved by the shareholders on December 21, 2023, along with
a share capital reduction which was completed on February 26, 2024. The Company may elect to pay the interest
payments, principal payments, or both with shares in lieu of cash payments. Any repayment in shares will be
converted at 90% of the prevailing market price of the shares.
The convertible bonds are callable by the lender at any point. Because the Company does not have an
unconditional right to defer payment beyond twelve months, both the host contract and the embedded derivative
are classified as current liabilities.
The conversion option was accounted for as an embedded derivative and was recognized separately from the host
contract as a financial liability at fair value through profit or loss. The host contract is recognized at amortized
cost. At inception, the Company determined the value of the conversion option to be NOK 36.8 million and the
residual value of the host contract to be NOK 51.2 million, including NOK 4.0 million of transactions costs.
During 2023, the Company recognized a gain on revaluation of the embedded derivative of approximately NOK
887 thousand that was recorded in financial income, and recorded interest expense of NOK 217 thousand.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5630": { "value": "18. Fair value measurement
The Company has no financial assets that are measured at fair value and the only financial liability that is
measured at fair value at the end of each reporting period is the embedded conversion option in its convertible
debt.
The use of different estimation, methodologies and assumptions could have a material effect on the estimated fair
value amounts. The methodologies are as follows:
\u2022
Cash, cash equivalents, accounts receivable, other receivables, accounts payable and accrued
liabilities: due to the short-term nature of these balances, carry amounts approximate fair value.
\u2022
At December 31, 2023, the carrying amount of the debt component was calculated using the
effective interest rate of the debt component of the convertible note issued in December 2023.
\u2022
The fair value of the embedded derivative related to the convertible debt is recalculated at the end of
each reporting period. The fair value measured is based on significant observable input (Level 3).
The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments
by valuation technique:
\u2022
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
\u2022
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair
value are observable, either directly or indirectly.
\u2022
Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are
not based on observable market data
The following table provides a reconciliation of the changes in items measured at fair value and categorized
within Level 3. See Note 17 \u2013 Convertible debt. There were no items categorized as Level 3 in 2022.
\n \n
Amounts in USD 1,000
December 31, 2023
December 31, 2022
Convertible debt
Host contract of convertible debt
5,076
\u2014
(Gains)/Losses recognized in Consolidated Statements of Profit and
Loss
\u2014
\u2014
Derivative instrument related to convertible debt
3,545
\u2014
(Gains)/Losses recognized in Consolidated Statements of Profit and
Loss
(87
)
\u2014
Total:
8,534
\u2014
The host contract of the convertible debt, which at initial recognition was the balance of the total convertible debt
and the derivative instrument, is held at amortized cost. The valuation of the host contract, which equals its
carrying amount, assumes that the discount rate for valuation purposes is equal to the effective interest rate of the
convertible debt.
The (gains)/losses included in the Consolidated Income Statements were recognized within financial income for
gains and financial expenses for losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5741": { "value": "19. Inventory
Inventories consist of raw materials, work in process, and finished goods. Materials and components purchased
for use in research and development activities are expensed at the time of purchase and excluded from inventory.
Inventory is recorded at the lower of cost and net realizable value, less impairment, if any.
\n \n
December 31,
2023
2022
($000s)
Cost
Reserves
Net
Cost
Reserves
Net
Raw materials
$
3,795
$
\u2014
$
3,795
$
2,280
$
\u2014
$
2,280
Work in progress
102
\u2014
102
1,486
\u2014
1,486
Finished goods
3,356
(869
)
2,487
812
(130
)
681
Total Inventory
$
7,254
$
(869
)
$
6,384
$
4,577
$
(130
)
$
4,447
In 2023, 2022, and 2021, materials with values of $251 thousand, $154 thousand, and $124 thousand
respectively, were consumed in new product development and charged to development expense.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5866": { "value": "20. Cash and cash equivalents
USD-valued cash and cash equivalent balances by currency were as follows:
\n \n
Year Ended December 31,
($000s)
2023
2022
Denominated in USD
$
10,587
$
14,917
Denominated in NOK
424
990
Denominated in GBP
221
128
Denominated in CNY
120
90
Total
$
11,352
$
16,124
Of the amounts above, employees\u2019 withheld payroll tax deposits amounted to $29 thousand and $26 thousand at
the end of 2023 and 2022, respectively. Only the withheld payroll tax deposits were restricted.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5867": { "value": "20. Cash and cash equivalents
USD-valued cash and cash equivalent balances by currency were as follows:
\n \n
Year Ended December 31,
($000s)
2023
2022
Denominated in USD
$
10,587
$
14,917
Denominated in NOK
424
990
Denominated in GBP
221
128
Denominated in CNY
120
90
Total
$
11,352
$
16,124
Of the amounts above, employees\u2019 withheld payroll tax deposits amounted to $29 thousand and $26 thousand at
the end of 2023 and 2022, respectively. Only the withheld payroll tax deposits were restricted.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5868": { "value": "20. Cash and cash equivalents
USD-valued cash and cash equivalent balances by currency were as follows:
\n \n
Year Ended December 31,
($000s)
2023
2022
Denominated in USD
$
10,587
$
14,917
Denominated in NOK
424
990
Denominated in GBP
221
128
Denominated in CNY
120
90
Total
$
11,352
$
16,124
Of the amounts above, employees\u2019 withheld payroll tax deposits amounted to $29 thousand and $26 thousand at
the end of 2023 and 2022, respectively. Only the withheld payroll tax deposits were restricted. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5940": { "value": "22. Share capital and Share Premium
This note reports the number of shares as registered as of December 31, 2023, and on earlier dates, i.e., before
the 5:1 share consolidation (reverse split) taking effect on record date January 10, 2024. The incentive
subscription rights plan has adjustment clauses so that the number of subscription rights and the exercise prices
are adjusted by the same ratio. See also note 26 \u2013 Subsequent events.
There is one class of shares, and all such Ordinary Shares have equal rights. The par value of an Ordinary Share
was NOK 0.15 per share at December 31, 2023. IDEX does not hold any of its own Ordinary Shares.
During the years ended December 31, 2023, December 31, 2022, and December 31, 2021, the Board of Directors
approved the transfer of $13.0 million, $18.0 million, and $46.0 million, respectively, of Share Premium to
absorb uncovered losses as allowed under Norwegian law. As a result, Share Premium has been reduced by a
cumulative amount of $300.5 million as of December 31, 2023, $287.5 million as of December 31, 2022 and
$269.5 million as of December 31, 2021 against Capital Reduction Reserve. The transfer has no impact on the
total equity, comprehensive income (loss), assets (including cash), nor liabilities.
\n \n
Number of
Ordinary Shares
Balance at December 31, 2021
1,010,388,454
Share issues (Employee Share Purchase Plan)
4,947,546
Share issue (exercise of incentive subscription rights)
990,584
Private placement of Ordinary Shares on November 16
150,000,000
Balance at December 31, 2022
1,166,326,584
Share issues (Employee Share Purchase Plan)
4,583,947
Share issue (exercise of incentive subscription rights)
389,608
Private placement of Ordinary Shares on May 24
116,897,492
Private placement of Ordinary Shares on June 16
30,161,332
Private placement of Ordinary Shares on November 16
78,651,685
Private placement of Ordinary Shares on December 22
2
Balance at December 31, 2023
1,397,010,650
Costs related to share issuance have been charged against equity and amounted to $756 thousand in 2023, $737
thousand in 2022, and $2,827 thousand in 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7385": { "value": "25. Other Operating Expenses \n \n
Year Ended December 31,
($000s)
2023
2022
2021
Sales and marketing activities
$
3,509
$
2,840
$
1,387
Legal, audit, accounting and other services
1,894
2,073
2,332
IT expenses
1,705
1,894
2,047
Travel expenses
253
230
132
Other operating expenses
1,383
1,364
1,449
Total other operating expenses
$
8,743
$
8,402
$
7,347
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7386": { "value": "25. Other Operating Expenses \n \n
Year Ended December 31,
($000s)
2023
2022
2021
Sales and marketing activities
$
3,509
$
2,840
$
1,387
Legal, audit, accounting and other services
1,894
2,073
2,332
IT expenses
1,705
1,894
2,047
Travel expenses
253
230
132
Other operating expenses
1,383
1,364
1,449
Total other operating expenses
$
8,743
$
8,402
$
7,347
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7474": { "value": "26. Subsequent Events
The Extraordinary General Meeting on December 21, 2023 resolved a five-to-one share consolidation (reverse
split). The consolidation was registered on January 8, 2024 and effective at record date January 10, 2024.
Following the consolidation, the company\u2019s share capital remained NOK 209,551,597.50, but divided into
279,402,130 shares, each with a nominal value of NOK 0.75. The incentive subscription rights plan has
adjustment clauses so that the number of subscription rights and the exercise prices are adjusted by the same
ratio. The calculation of profit or loss per share in Note 10 \u2013 Loss per share calculation has been based on the
consolidated number of shares, while the reported number of shares and other instruments in these Financial
Statements are the number of shares or instruments as registered as of December 31, 2023, and on earlier dates,
i.e., before the 5:1 share consolidation (reverse split) took effect, unless stated otherwise.
For the avoidance of doubt, the number of shares, instruments and prices in the following paragraphs are after the
5:1 share consolidation.
The Extraordinary General Meeting on December 21, 2023 resolved a share capital reduction by reduction of the
par value of shares from NOK 0.75 to NOK 0.15 per share. The reduction was registered on February 26, 2024.
The number of shares remained unchanged. The reduction amount, NOK 167,641,278.-, was transferred to other
equity. The company\u2019s net equity remained the same, and there was no distribution of capital. Following the
reduction, the Company\u2019s share capital was NOK 41,910,319.50 divided into 279,402,130 shares, each with a
nominal value of NOK 0.15.
The Board resolved on February 29, 2024, to issue 358,525 shares at NOK 1.32 per share to employees
participating in the Company\u2019s ESPP. Following the issue, the Company's share capital was NOK 41,964,098.25
divided into 279,760,655 shares, each with a nominal value of NOK 0.15.
The Board resolved on March 19, 2024, to issue in total 365,900 ordinary shares at NOK 0.75 per share to
employees who had exercised incentive subscription rights. The incentive subscription rights were issued under
the Company\u2019s 2019 incentive subscription rights plan, which plan was approved by the Annual General
Meeting on May 9, 2019. Following the issue, the company\u2019s share capital is NOK 42,018,983.25 divided into
280,126,555 shares each with a nominal value of NOK 0.15. Following the exercise, there are 18,601,032
incentive subscription rights outstanding.
The Board resolved on April 17, 2024, to issue 550,000 incentive subscription rights (SRs) to employees in
IDEX. The grant was made under the Company's 2023 incentive subscription rights plan as amended at the
extraordinary general meeting on December 21, 2023. The exercise price of the SRs is NOK 0.15 per share and
the SRs vest by 50% per year over two years. The SRs expire on May 23, 2028.
The repayment schedule of the convertible loan described in Note 17 - Convertible debt, accrued interest, was
initially 21 bi-monthly term payments. The lender can request up to two advanced installments to be paid in each
period between the planned term dates. After the term payment on February 28, 2024, the lender made two such
requests. All three terms were settled in cash, not shares, by a total combined amount of NOK 15.4 million or
$1.4 million in the first quarter of 2024.
The Company continues to focus on reducing expenses and as such in March 2024 provided notice to about 25
employees and or contractors. The Company is also consolidating the majority of its engineering functions to
Europe and closing two engineering facilities in the US. These actions are part of the plan to reduce operating
expense level below $4 million per quarter. All current actions are expected to be completed by the end of the
second quarter of 2024. The Company does not expect any significant restructuring costs.
There have been no events between December 31, 2023, and the date of these financial statements that have had
any material impact on the Company\u2019s results for 2023, or the value of the Company\u2019s assets and liabilities as of
December 31, 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8798": { "value": "IDEX Biometrics ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8849": { "value": "\u2022
Share Capital: comprised of the nominal amount of the ordinary shares. This capital is not
distributable in the form of dividends under the Norwegian Public Limited Liability Companies Act
(the \u201cPLLC Act\u201d) (refer to Note 22 \u2013 Share Capital and Share Premium). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8861": { "value": "\u2022
Share Based Payment Reserve: comprised of Share-based payment reserve.
\u2022
Capital Reduction Reserve: comprised of the absorption of accumulated losses of the parent
company by the Share Premium, as resolved by the Board of Directors (refer to Note 15 \u2013 Share
Capital and Share Premium).", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHECW11", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }